Full text of "Financial Times , 1982, UK, English"

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Design, Construction’ 
Jr Engineering Service 


Stratford upon -Avon 4238 




PUBLISHED IN LONDON AND FRANKFURT 

Wednesday August 25 1982 





*** 3 T IBfc-J */w 

6.00; PORTUG^ E0f\S^AiN 86:«.-Sl#5>EN KtCLOO; SWITZERLAND Fr 2.0; EIRE Mp; MALTA 30c 


MANUFACTURERS & SUPPLIERS 
OF BUILDING 8 . CHEMICAL PRODUCTS 
FOR THE CONSTRUCTION INDUSTRY. I 


FEB INTERNATIONAL LTD 
Albany House, Svrinlon Hal/ Road, SurfntofV 
Manchester MZ7 IDT. Tab 061 794 7411 


CONTINENTAL 'SELLING PRICES: AUSTRIA Scfl.15: BELGIUM Fr35: DENMARK Kr 6J50; FRANCE FrS.flfc. GERMANY DM2.0; ITALY L 1.100; NETHERLANDS FI Z25: NORWAY Kr 


•NEWS SUMMARY 




GENERAL BUSINESS 

U.S. Gflts fa 

cabinet by 0.4; 

meets on equities 

pipeline lose 5.5 


Unemployment grows Bank cuts Lebanese peace 


cats fau faster as underlying 
by 0.4; total reaches 2.99m 


BY MAX WILKINSON, ECONOMICS CORRESPONDENT 


| _ ^ ^ UNEMPLOYMENT Is now rising 

IfISf* % ^ at a substantially faster rate 

IviJv than in the spring and reached 

an underlying figure of 2.99m in 
GILTS' advance faltered. The August, according to figures out 


Senior U.S. Cabinet members • GILTS' advance faltered. The August, a 
yesterday met urgently to Government Securities index yesterday 


TOTAL 

UNEMPLOYED 


deride the nest move in the lost 0.40 to 7S.52. Page 25 
confrontation with France over 

U.S. sanctions against building ® EQUITIES failed to hold 
the Siberian gas pipeline. early ^firmness. The FT 30- 

; The French subsidiary of ,V ldex feU 55 t0 571 »- 

hrwcur Tnrtnch-ior rwi., n •rage *3 


Dresser Industries of Dallas 
said it would obey French • COPPER came under selling conservative “ mp? as° wen^s 
Vor° r & r %r&ct!°ta PrM “ re riStag taiUill,J - *• Labour Psror aed .he 

defiance of a ban on U.S. fo £ the < j0Temraent to 

involvement. f agOpCperioiw- . T reflate the economy. 


0.40 to 78.52. Page 25 The August total dashed 

hopes lingering from the spring 
EQUITIES failed to hold through to July that the under- 
ly ^firmness. The FT 30- lying trend might be continuing 
re index fell 5.5 to 571.0. to improve. 

® 25 The grim figures immediately 

.nAioii j provoked demands from some 

! came under selling conservative MPs as well os 


y .'' wholly 
^UNEMPLOYED" 

t fivKMjnd 

■ 2°ojt wcmhesH 


-involvement. 

The parent company has asker 
a Washington court for a. 
ruling, and for an injunction 
agai ns t the U.S. Government if 
it tries to penalise the com- 
pany. Sack Page 

Argentina fears 

Argentine Economy Minister 
Dagnmo Pastore resigned, 
rai s i n g the prospect of another • 
political crisis. Page 4 

Police sacked 

More than 300 Indian policemen 
have been sacked following 
police demonstrations in 


TUC for the Government to 
reflate the economy. 

Mr Eric Varley the Lc&eur 
employment spokesman called 
for a major reflation pro- 


population. The underlying 
figure of nearly 3m, seasonally 
adjusted and excluding school- 
leavers. represents one in eight 
of the workforce. 

The July figure had raised 
hopes- that the underlying rate 
of increase was continuing to 
stow. But it was disclosed that 
15,000 graduates and college- 
leavers had been omitted from 
that month's total by mistake. 

When these are included the 
average increase in the three 
months up to August, compared 
with the average for the pre- 
vious three months, was 38,500. 
This is more than twice the rate 
of increase on the same basis 
in the spring and 10.000 more 


-COPPER- 

Cash High 6rarie. 


gramme using nationalised in- ducing more demand into the than the increase in the three 
dustnes and local authorities as economy one can start to stimu- months to June, 
a 11 spearhead " to bring down i a t e some movement." These figures appear to Con- 

Un A? nf thp hark Dr David Owen, spokesman Ann the recent warnings from 

henSi Conservative ^essSe for thB Social Democratic Parly the Confederation of British 
Jfi wU° Te Xe P'wMeKd ihat - lhe employ- Industry about the depressed 

Government came from Mr ment fi ^ res would be **e State of 018 ec( * oon| y- The ? 

T MtS? Mp to! “obituary of the present follow a senes of indicators 

former ConserlatS? Emote? Government," and even the which suggest that the economy 
mem Minister He S led ?0r S. Distitule cf Directors, one of has shown little sign of 
JJJSnn huiSit ■ wtih MMium lh? ' Government's staunchest recovery this year and may 

tn S?t business crafiience «*!»». Mlled for a special pro- even be heading for a further 
to boost ousmess connuence. gramme to cut unemployment, period of recession. . 

National Insurance Surcharge, Yesterday's figures showed Officials now estimate lhat 
an expansion of the Community that the total registered as 


Bombay and Harayana state last Higher grade cash price fell £14 W <wk Scheme and an increase unemployed, including school- 
week in which five people died, to £856 a tonne. Page 22 I in tax thresholds this autumn, leavers, rose in August to 3.29m 

1 He said: " By gradually intro- — 13.8 per cent of the working 


CoUHh deaths • GOLD gained 518 to $411.5 

® in London. In New York the 

Four babies have died of Comex August close was $404.75 
whooping cough this year. Over ($399.2). Page 22 
31,000 people have suffered m nnr t ad mi 
from it this year, up from 9.000 
in the same period last year. J JJJr, i 


Officials now estimate that 
Continued on Back Page 
Unemployment map and 
reaction. Page 6 
Editorial Comment, Page 14 


from it this jw, up from MOO V" VS 

in the same period last year. (FF| . <^ 675; ; SwFr 2.04 €21 

|SwFr 2 07 1 and Y251.75 <8.^VUI1I11 C>1 

Micro lights down (y234.5). its trade weighted 

The Civil Aviation Authority i ? dex U9-3 (120.2). Page 26 by MAX WILKINSON, ECONO 

S^^^madeTy SwuhSm J .SHm** BRITAIN'S current account 
Aerosports after a fatal crash « surplus - on bajance of pay- 

on Monday. ?ffv ,,2? meQts increased sharpTfTn July 

I*** 1 *-ww and SwFr 3.61 to an estimated £016ra, but a 
OO fHiac-iS/iMAfl (SseFc 3,6Uvl. Its <rzd? V'-V 

quesuonea weighted index was 91.‘8 (91.6). (.attributable to an increased "sur-- 


Oil trade increases current 
account surplus to £316m 

BY MAX WILKINSON, ECONOMICS CORRESPONDENT 


32 questioned weigh tei 

- Murder squad detectives last p age 26 
•night were still questioning 32 Q WA1 
people arrested in raids in ” 1fi 1“ 
Londonderry, after a big p* b 
security operation. ° “ 


Page 26 plus on oil trade. . 1931 Q1 

• WALL STREET was down Tb * underlying ^nd of ”32^2 

7.16 to 683.56 near the close. a «d imports has been 1982 jairuary 

Pa a e 24 worsening slightly, according to Februar 


WEST GERMAN current 


Extradition claim rate slowed to 7.3 per cent last 

Police denied a report lhat they monfb - ** age 4 
were dropping extradition pro- • WEST GERMAN current 
ceedings against Fatrida Ford, n»:count had a deficit of DM l.Sbn 
girl friend of escaped Broad- i£420m> last month, against 
moor killer Alan Reeve, in the DM 3.9bn a year ago. Page 2 

Netherlands. _ , 

0 JAPAN has agreed to ex- 

Yflrht hnnmiPAri tend Y65bn (£146ml in official 

racnx nonourea lDans t0 cbina ^ ^ year t0 

Urania, a Dutch Navy yacht, won March. Page 3 

the Cutty Sark Trophy for _ . t 

sacrificing its chances in the ® AUGUST CAR SALES are 


, e *>4 " worsening slightly, according to 

" figures published yesterday bj r 

UjS. ANNUAL INFLATION the Department of Trade, 
e slowed to 7.3 per cent last The average volume of im- 
nth. Page 4 ports in the three monihs to 

July was 3 per cent higher 



BALANCE OF PAYMENTS 
(current account) £m seasonally adjusted 

Oil Visible Invisible , 

— balan " ' 

Current 

bafarico- 

1921 Q4 
■ 1981 Q1 

1932 Q2 

+698 

+707 

+9Z3 

+490 
+356 
+ 102 

+875 

+329 

+450 

+ U6S 
+ 685 
+ 552 

1982 January 

+ 187 

“103 

+ 110 

+ 7 

February 

+289 

+ 188 

+110 

+ 298 

March 

+231 

+271 

+ 109 

+ 380 

April 

+419 

+224 

+150 

+ 374 

May 

+327 

-115 

+750 

+ 35 

June 

+ 177 

- 7 

+ 150 

+ 143 

July 

+ 401 

+ 166 

+ T50 

- 316 

* Invisibles are 

estimates subject to 

revision. 




Yacht honoured 


. , 11IUIIU1S, tfjmuuQii mcir naa a emcigeu nuiu utcvjvua ugutch. 

average volume of exports 21 per cent increase in exports The volume of imports in 
declined by 1.5 per cent in the ^ between these two July was. however, substantially 

same periou. periods. below the levels recorded in 

If oil and erratic items are Imports of cars were down the spring. This would be con- 
excluded, the same pattern of 14 per cent over the period but sistent with the view that 

higher imports and lower ex- overall the volume of imports industry has not continued the 

1IirlTem niB I pons emerges. of manufactured goods rose by rebuilding of stocks which 

AUGUST CAR SALES are | i n the first seven months of 5 per cent. appeared to have started in the 


Tall Ships race’ to stop and help e*P«ted to set* record today this year the current account The trade figures are still spring ma y now be enter- 


period 


Sunday trade call 


a ship in difficulties. fay passing 250,000. Back Page surplus has reached a total of incomplete because of the non- j ng a further period of 

flB p 17n » Wfihn' £1.3»m compared with a total collection of import and export destocking. 

Sunday trade call ^ compIetiSS is of between £7hn and £8bn last jUUMta The figures showing a lower 

The Consumers Association rf/ ik°nf 3 f im dY The surplus -on oil in July The series has been difficult ]“ previo^months 1 ^ als^tend^ 

backed legal amendment to let of ladc of state funds ' was £401m and the oil surplus to interpret partly as a result support ™ TnScation 1 from 

shops stay open on Sunday and * in the firat seven months 0/ the of the civil servants' action and lhe confederation of British 

at night. Page 7 # LIVERPOOL DOCKERS voted year is just over £2bn. partly because of changes in Industry . s most recent survey 


The figures showing a lower 
volume of exports in July than 


m _ - - iv avLCii I a LTTV-Jgai paj 

L e ader arrested productivity deal after 1 
SocUlist opposition president months ’ negotiation. Page 7 
Abel Goumba was arrested by • CO-OPERATIVE UNI 


Abel Goumba was arrested qy • CO-OPERATIVE UNION 
the Central African Republic forecast a 9.5 per cent increase 
military government. in consumer spending next year. 

Champion banned ^ 0IL is t0 close its losv 

West German motorcycling making Belfast refinery. Page 6 
champion Hagen Klein was . 

banned from racing for walking 0 CBS CHAIRMAN Wi lliam 
off the winner's podium during Paley may resign in the next 
the country’s national' anthem, few months. Men and Matters, 
to protest at unemployment. Page 14 

Unna^km- • 11312 HOLDING, West Ger- 

nero nonevRvr man construction equipment 

Moscow named East German group, has ended discussions on 
leader Erich Honecker Hero of the acquisition of International 
the Soviet Union, the highest Harvester’s construction machin- 
Soviet honour, to mark his 70th ery business. Back Page 


to accept a two-year pay and There was a 2 per cent fall, procedures. But the latest export ort i ers we re weaker, 
productivity deal after four however, in the volume of figures appear to confirm the - . nrn>n( 

months’ negotiation. Page 7 exports of manufactured goods underlying pattern of mcreas- 

in the three months to July com- ing imports and rather dis- deficit narrou-s. Page Z 
• CO-OPERATIVE UNION pared with the previous three appointing exports that had Balance of Trade table, Page 6 


military government 

Champion banned 

- West German motorcycling 
champion Hagen Klein was 
-banned from racing for walking 
off the winner's podium during 
the country’s national" anthem, 
to protest at unemployment. 

Hero Honecker 

Moscow named East German 
leader Erich Honecker Hero of 
the Soviet Union, the highest 
Soviet honour, to mark his 70th 
birthday today. 

Briefly.... 

Sony president Kazuo Iwama 
died, in .Tokyo at 63. 

-Prinioe Edward passed three 

A levels. .. 

Dr Stanford. Moore, Nobel 
Chemistiy' Prizewinner, 68, died 
in New York.' . \ 

Forest, fires flared up again in 
south-east France. 

Mosquito swarms hit Venice.' 

Mrs Thatcher resumed paper 
work, 24 hours after surgery on 
her legs. 


Ambrosiano cash 4 in Swiss banks’ 


• DE BEERS Consolidated. 
Mines is halving its interim 
■dividend to 12.5 cents l6.3p). 
Pre-tax profits fell from R346.7 
to R295.4 t£l48m). Back Page 
and Lex; -details, Page 18 

0 DEERE AND COMPANY, 
U.S. farm equipment manufac- 
turer, reported third quarter 
net income well down from 
$67.1m to $416m (£2.3amj. 

Page 19 

• LONDON & SCOTTISH 
Marine Oil raised pre-tax profits 
by £9jJm to £64.2ra in the first 
half of 28S2. Page 16; Lex, Back 
Page 


BY OUR FINANCIAL STAFF 

SWISS BANK accounts received 
substantial dollar transfers from 
overseas subsidiaries of Italy's 
.Ambrosiano banking group, 
according to the public prose- 
cutor of the Sottoceneri district 
of Canton Ticino in Switzerland. 

A statement from the public 
prosecutor yesterday alleged 
that the transfers — later 
reported in Italy to amount to 
$20m f£11.5ml — had been 

drawn improperly from Banco 
Ambrosiano by the late Sjg 
Roberto Calvi, the group’s 
former chairman. 

The money was transferred 


from Ambrosiano group subsi- 
diaries in Nassau and Managua 
to bank accounts in Lugano and 
other Swiss towns. The nominal 
ownership of these accounts was 
still unclear last night 
Confirmation that the $20m 
had been traced and blocked 
was given in Italy by Sig Pier 
Luigi Deli’Osso,' an Italian 
magistrate, on his return from 
Lugano where lhe had visited 
Sig Flavio Carboni- 
Sig Carboni, an Italian busi- 
nessman and close associate of 
Sig C-alvi, is at present helping 
the Swiss police with their 

CONTENTS _ 


inquiries. The Swiss authorities 
are assisting the Italian police, 
who have sought to have Sig 
Carboni extradited on charges 
of passport falsification. 

In Milan, the Nuovo Banco 
Ambrosiano — which earlier this 
month inherited the balance 
sheet of the liquidated Banco 
Ambrosiano Spa of Milan — has 
announced that on September 
13 it will seek its seven share- 
holder banks' approval for a 
major capital increase. 

Holy See bints at solutions to 
financial conundrum. Page 2 


CHIEF PRICE CHANGES YESTERDAY 

<Pricts ln pence unless otherwise Indicated), 

. . ' . ;V jv-‘ ■ : ' JOSES : Beecham 269 6 

Etunpem Femes ... 67 ■+ 3f GKN JS _ f 

Faixelougfc Cstrctn. 190 + 7 Hawker Siddeley ... 348 4 

Good Relations..™.. 101 + 6 Henlys “ J 

Mixeoacreta 368 + 6 Hutchison Whampoa 108 - S 

WMtWth Elec. ... .144 + 7 I Cl . — " J 

Explrta. ... IS + 3 Jaidme Matheson ... 137 - 11 

aatiwun ... 284 + 14 . Molina " j 

JbUnixv Cons.' £35 + 2 P. <S: O. Dfd - 1*~. f 

KUawnMaong ... 64 +12 Standard Chartered 380 — 10 

Metramms SSbis:. ... 16 + 5* Unilever 610 - 10 

Otter Exp&to: .26 + 6. Shell Transport ... 394 - b 

; Ppo^doti j,’, 152 + 6 Ultramar 305 - 10 

• • Cons. Gold Fields... 463 ■— 15 

J De Beers Dfd. 242 - 16 

BTR 326 — 8 RTZ 433 -7 


Turner and Newall: we thought we were 
fireproof 14 

Business and biotechnology: all that 

glisters is not gold 15 

West Germany today: myths don’t tell 

the whole story 15 

Gardens Today: France’s greatest public 
garden 7 

Technology: big lift for the Maiy 
Rose 8 


Commercial Law: cases reported in 
Trinity Term ( ii) 8 

Management: exploiting the liberalised 
telecoms market 10 

Editorial comment: UK unemployment 
and economy; Italian politics 14 

Energy Review: the future for French 
nuclear power 23 

Survey: packaging 11-13 j 


American News m 
Appointment* 

Arte ......... 

Base Rates 

Commodities 

Companies UK ... 

Contracts 

Crossword 

Entertain. Guide ... 
European News ... 

Euromarkets 

Euro. Opts 

FT Actuaries ...... 


Foreign Exchanges 

Gold Markets 

inti. Companies ... 

Leadar Page 

Letters 

Lax 

London Opts - 

Management 

Men & Matters ... 

Mining 

Money Markets ... 
Overseas News ... 
Racing 


Share information 28, 29 
Stock Markets: 

London 25 

Wall Street Zft 

Bourses 24 

Technology ......... 8 

TV and Radio B 

UK News: 

General 6,7 

Labour 7 

Unit Trusts: 

Authorised 26 

Others 27 


Weather 30 

World Trade News 4 

INTERIM STATEMStfTS 

Da Beers 21 

Fairclough Const 16 

Gillett Brea 16 

Honkong Shanghai 17 

ANNUAL STATEMENTS 
independent Inv. 16 

JCI 20 

Oil & Ass. Inv. 16 


money 

market 

rates 

By Our Foreign and Financial Staff 

THE PRICE of gold jumped 
through the $400 level 
yesterday and sterling rose by 
more tha n 2 cents against the 
dollar as t%p Bank of England 
signalled that ll would like to 
sec another fall in UK bank 
base rates. 

The Bank cut Us money 
market intervention rates by 
i of a percentage point — Uic 
first cut in a week-raising 
hopes of a bank base rate cut. 
Its action coincided with signs 
thot the recent recovery in 
some sectors of the world's 
stock markets was faltering. 

• On Wall Street, the Dow 
Jones Industrial Average was 
down 7.6 by mid-afternoon, j 
Trading was heavy with 109m | 
shares changing hands by soon ; 
after lunch. 

• The UK gilt-edged market 
suffered its first setback for 
several days. However, falls of 
up to £11 were reduced 
following lhe Bank of 

Gold Price rise fails to brighten 
S. African outlook, Page 2 
Wall Sired. P age 24 
Money Markets. Page 26 
Lex, Back Page 

England's action to cut 
interest rates and the FT 
Government Securities index 
ended 0.4 down at 78.52. 
Equities were also soft, with 
the FT 30-share index falling 
5.5 to 571.0. 

• Gold continued its recent 
strong rise, jumping $18 an 
ounce in London to $411.5, 
its highest since last Decem- 
ber. The 1 gold price has risen 
$79 in the last 10 trading 
days and $54.5 this week 
alone. 

0 The dollar fell sharply 
against all major currencies 
as expectations grew of a cut 
in the U.S. discount rate. TJic 
opund jumped 2.10 cents to 
$1.7673 at the London close 
and the dollar dropped more 
thafi 'tiirgv" 

DM 2.4190. ' 

• European interest rates 
were marginally firmer — 
three-month Eurodollars rose 
nearly a j- of a percentage 
point to I0A'. per cent and 
Eurofranc rates were up by 
more than a full percentage 
point. 

The reduction in the Bank s 

of England's dealing rates by 

1 of a percentage point — i 

lowering the key rale for the i 
shortest maturity paper it i 

buys (band one bills) to 
Ilj per cent— caught the UK i 

money markets by surprise. t 

It occurred on a day when j 
UK money rates were mar- 
ginally firmer, with the three- a 

month rate up ui of a point 
to 3011! per cenL y 


broken by 
armed clashes 

BY STEWART DAISY AND NORA BOU5TANY IN BEIRUT 

FIERCE fighting was reported dency from Mr Elias Sarkis on 
in Lebanon yesterday north of September 24. 
the Beimt-Damascus highway Mr Saeb Salam, a Sunni 
and around Tripoli. Moslem and six times Prime 

Beirut radio claimed the ex- Minister, who was also a key 
changes we/e between Syrians negotiator between Mr Philip 
and Israelis. But the Israeli Habib, the U.S. special mediator, 
army said none of its troops and the. Palestinians, said yes- 
were involved and that the terday: “There were many 
clashes were between Syrian injuries done to the democratic 
and Lebanese Christian Frisian- procedure.” 
gist forces. He was referring to the cxit- 

Yesterdav's fighting puts T j n g of telephone lines between 
doubt on plans that the first E aS f and West Beirut and the 


convoy of Palestinian Liberation 
Organisation fighters should 
leave overland for Damascus 
tomorrow along the same road, 
through Israeli lines. 

Last night, more Lebanese 


dosing of roads, which made ir 
practically impossible for 
deputies, who might have 
wavered in their support for 
Mr Geuiayel to c«|afer. 

Mr Salam and other leading 


parliamentary deputes; houses a i os i eras obliquely hinted that 
were attacked, bringing the tremendous pressure was. put on 
number of houses involved in yarious deputies to vote for Mr 
assaults to 15. The houses of Gcmayel. A common joke in 
five deputies were attacked with Beirut is |ha un usuallv large 
rocket propelled grenades and am0U nts of mnnev— some of it 
recoilless rifles on Monday after Sflid lo , JC Saudi—has been 
34-year-old Mr Bachir Gemayel t . han o in « hands in East Beirut 
was elected as President of in , he past week. 

Lebanon for a six-year tenn Mr cemayel's first crucial 
Mr Gemayel is leader of the j sooching Moslem fears 

fiSu’re’m’he^Chrfslian'phs.Tnae 

Sr'piWT?' Gemwf h “ f31her ' Sunm Moslem prime minister. 

aSSS. ^ ‘Tradition the for according to tradition, the 
Lebanese Presiocnj is always a Fr ini f Minister must be 
Christian. Mr Gemayel’s assump- Sunni 


tion of lhe role has caused 
apprehension in Moslem quar- 
ters because of his background 
as a Christian militia leader, and 
his links with Israel. 

Leading Sunni Moslem 
moderates ore worried both 


It is thought that he has 
already earmarked Dr Moham- 
med Moghrabi, a right-wing 
Moslem lawyer. However, there 
are doubts as lo whether Dr 
Moghrabi has sufficient standing 
lo win over leaders of the 


about technicalities of the elec- various Moslem communities to 
tion and about whether Mr support Mr Gematyel’s Presi- 
Gemayel will make enough con- dency. Should Mr Gemayel fail 
ciliatory gestures to pre- to find the right prime minister, 
dominantly Moslem West Beirut he could face continued opposi- 
when he lakes over lhe Presi- tion. 

Home banking service 
on Prestel considered 

BY GUY DE JONQUIERES 

BRITISH TELECOM is con- suraer market for Prestel, which 
'its*" hg a plan to launch the has attracted few residential 
/first electronic home bank- subscribers, since it started 
ing service this autumn. It three years ago. Most of Its 
would be carried on Prestel, 16,000 users are businesses. 
BT’s viewdata information The planned services would 
sy:>lcni. and be operated with a enable users to conduct a wide 
private sector partner whose range of financial transactions 
identity lias not been disclosed, from home. It would probably 
The scheme would involve include facilities for ordering 
supplying free of charge to sub- and paying for goods and 
sc fibers as many as 100,000 services electronically. 


special adaptors. These would The modifiec 
convert ordinary television sets 
into terminals equipped to Continued a 
receive Prestel. ■ ■■ . • 

The cost of the adaptors. £ 1” New York 
estimated at about £lOm, would _ • . 

be shared equally by BT and ■ I 

its partner. ! 

The proposal must still be si74uo 

approved by BT's board. i SS,th o.i&o i! 

It marks the boldest attempt s month* o.ih-o.o? 
yet to carve out a mass con- 12 month«:2.45-z.s! 


The modified television sets 

Continued on Back Page 


Spot S 1.7490-75O5 S 1.7365-7385 
1 month '0.18-0.15 dllp.204.lg dll 
3 months 0.13-0.09 diaQ.1S-0.13 dte 
12 month*!2 .45-2 ,55 om.2. 10-2.20 pm 


)m-M0WMimTS'F0m-M0WMAMIlTS-F0aEX-M0NBYMAB 

Continental Currencies - 
the other side of our Foreign 






SfS! 


P 


«« iwwwiiii mUnS i 

As Australia’s largest and 
best known bank, the Bank of 
New South Wales is already 
widely respected as one of the 
world’s major dealers in Pacific 
Basin Currencies - but 50 r ;& of our 


w 


foreign exchange business is in 
continental currencies. 

So remember- whatever your 
currency requirements or exposures 
talk to the Bank of New South 
Wales before making a move. 


Telephone our LondonDealingRoom (01)283 5321 
Telex: 8956425-Reuter Monitor page code: WSXD 
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(incorporated in Austmlia with limited liatiifHy) 

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For latest Share Index phone 01-248 8028 


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EUROPEAN NEWS 


Financial Times. Wednesday Attgust 25 1982 

OVERSEAS NEWS 


W r 




.11 


Rupert Cornwell in Rome examines the role of the Vatican bank in the Ambrosiano money-go-round 

Holv See hints at solutions to financial conundrum 


WITH THE words "We must 
be good and correct, but not 
naive" Cardinal Agostino 
CasaroH, the Vatican's Secre- 
tary of State and most practised 
negotiator, sent out this .week 
the first important signals from 
the Holy See on the summer’s 
nrost intriguing financial 
conundrum. Just how much 
responsibility is the Instituto 
per le Opere di Religione (IOR) 


are less diametrically opposed 
to (he Casaroli thesis than 
might be expected. 

For one thing, they seem 
more inclined to accept the 
Vatican's denials that the IOR 
directly owned some or all of 
the Panamanian front com- 
panies, despite the long history 
of relations between Sig Calvi 
and the trio at the lop of the 
IOR: its president, Archbishop 


imm mwe important Pau i Marcinkus , S i S Luigi 


ready to — shoulder for the 
$1.2bn (£690m) of unrecovered 
loans Which brought about the 
Banco Ambrosiano collapse? 

They are no more than 
signals, for nothing definite will 
emerge until the three “wise 
men ” appointed by Cardinal 


Mennini, and Sig Pellegrino de 
Strobe!. 


of the rich U.S. dioceses are 
believed to use UJ». banks to 
handle their funds. 

But a compromise between 
Italian authorities and the 
Vatican would present difficul- 
ties of its own. How would the 
calculation of the sum due to 
the Ambrosiano liquidators be 
made? Would it only cover 
direct debts of the IOR to 
Ambrosiano, said to be $250m? 

In any case, that might not be 
the end of the matter. The Holy 
See could soon be facing new 


more and more money, as the 
dollar soared against the lira 
and interest rates rose steeply. 
By the end— and taking account 
also of accrued interest— that 
$400m might have grown to 
nearer S800ra. It was secured 
by little more than the value of 
the stock purchases — a reason 
why Sig Calvi took such trouble 


self absolving the Vaiican bank 
of any financial liability. 

In the end. the only way Sig 
Calvi, by then pressed by the 
Bank of’ Italy, could square the 
circle was to try to sell the 10 
to 12 p?r eem block of 
Ambrosiano stork held through 
Panama for over $20(1 per share, 
compared with a Milan bourse 


What happens in the next few 
weeks behind the hermetic 
walls of the Holy See is any- 
one’s guess. But the Italian 
authorities aim. to use the affair 
to sort out financial relations 
with the Vatican. 


The problem, according to 
officials here, is relatively 
simple and need not* involve 


to (illegally) prop up Arabro- peak of L50.000 (or under $40). any modification of the Con 

eionn's Uilnit chapn nrina L . ■ ■ * » f _ J .-a.... ^ 


siano's Milan share price. 

The net started to close in 
summer 1981, when inter- 
national banks became wary 


" Certainly there are connec- 
tions from way back between 
the IOR and these companies.' 


Not surprisingly he found no 
takers. 

But even this version leaves 
S40Dm ■ of (be $1.2bn 
unaccounted for. Did part go to 

meet debts to Sig Michele 


cordat'of 1929 between the two 
states, and on whose revision 
experts have been working 
without success for years. 


Cu rren tly . the IOR is a 


one senior official said. " But Almost cer tainty the IOR’s net assets — capital 


Sinrinn* the financier who foreign bank which operates in 

“d s£f gEwH IWy ™ "» 


it's not our understanding that 

Maybe E£™r u» P lus its own resouices-are a bare fraction of the 

So" ita? probabiy^bebmg ^to $ 1;2bn in contention. Even the funds it 

Calvi and Ambrosiano.’ 


the 10-year-old tangle of rela 
tions between The Vatican bank 
and the late Sig Roberto Caivi's 
Ambrosiano, have completed 
their work. That,, says the 
Cardinal, will be before autumn. 

It may be asked, will this 
long hot Italian summer of 1982 
ever come to an end? But he 
did seem to be saying two 
things. The first, is that the 
Vatican is prepared to go some 
of the way to a compromise 
over the now famous letters of 
comfort issued by the IOR in 
September, 1981. to the dozen 
or so Panamanian companies 
which borrowed the money 
from the Ambrosiano group. 
The second, is that the IOR is 
most unlikely ever to come up 
with the full $1.2bn. 

These nuances may make 
little impression on* the liqui- 
dators of Banco Ambrosiano 
Spa. the group's Milan parent, 
as they carry out their duty of 
recovering all the money they 
can. But there are indications 
that the Italian authorities, as 
the background of the Ambro- 
siano disaster becomes clearer. 


So why did the IOR grant the 
letters? There are two most 
plausible explanations: either 
in return for favours and help 
from Calvi/Arobrosiano in the 
past, or for a commission from 
the dead banker, had he man- 
aged to unscramble his affairs. 


administers on behalf of the Catholic orders may 
not top $2bn. Most of the rich U.S. dioceses are 
believed to use banks in the U.S. to handle their 
funds. 


Perhaps ihe most convincing 
argument against direct owner- 
ship is that, in the official's 
words, “ it is not realistic " to 
believe that the IOR, whatever 
the allegations levelled against 
its management, would have 
allowed a direct debt position to 
go so high, when its own sub- 
stance was so much less. 


Notoriously, the IOR gives no 
details of itself. But almost 
certainly its net assets, capital 
plus its own resources, are a 
bare fraction of the $1.2bn in 
contention. Even the funds it 
administers on behalf of 
Catholic orders may not top 
$2bn. according to one educated 
guess here. For one thing, most 


claims through the courts from 
creditors. If — as seems likely — 
Ambrosia no's Luxembourg affi- 
liate, and one or more of t^e 
group's subsidiaries in Latin 
America and the Bahamas, also 
involved in the money-go-round, 
are put into liquidation.' 

What is becoming a little 
clearer is • why the collapse 
happened: in other words, what 
happened to the $1.2bn. The 
Rome authorities trace its 
origin to 1975-77. when Sig Calvi 
borrowed up to $400m to finance 
purchases of shares in Ambro- 
siano Group companies. To 
maintain the position required 


about renewing credits after 
Sig Caivi’s conviction on 
currency charges. As the Euro- 
markets dried up as a source 
of funds for Ambrosiano sub- 
sidiaries. the banker was 
forced to juggle money ever 
more desperately from one to 
another. Foreign borrowings by 
the Milan parent rose alarm- 
ingly from late 19S1. 

That August, directors of 
Banco Andino demanded 
guarantees before lending any 
more to Panama, and Sig Calvi 
was forced to resort to the IOR 
for letters of comfort, in 
exchange for letters from him- 


for the Vatican? Did it go for 
kickbacks, or payments linked 
lo the P-2 freemasons lodge of 
which Sig Calvi was a member? 
Or was it connected with arms 
dealing? Speculation is endless. 

Whatever the financial uncer- 
tainties. there is little doubt 
over the damage done to the 
Vatican’s image by the affair, 
which no compromise agree- 
ment is now likely to erase 
quickly. Archbishop Marcinkus 
insists his conscience is dean, 
and that he has done nothing 
wrong. But charges of negli- 
gence and oversight seem hard 
to answer. 

His position appears increas- 
ingly isolated within the 
Vatican, although Pope John 
Paul U’s confidence in Arch- 
bishop Marcinkus appears un- 
shaken. Cardinal Benelli of 
Florence, a leading figure in the 
Italian Catholic establishment, 
remarked pointedly recently 
th3t if the IOR had been 
“imprudent,” then that was due 
to “incapacity and in- 
experience.’’ Even Cardinal 
Casaroli in his interview tills 
week appeared to damn Arch- 
bishop Marcinkus with faint 
praise. 


with various Italian banks, in 
which religious orders and 
others may deposit funds, to be 
used by the Vatican anywhere 
in the world. “To the extent 
that these accounts can be used 
by residents, and we have ex- 
change controls, there is a pro- 
blem.” a senior monetary 
official commented. 


Gold price 
fails to 


iSi* 



•» r 
-,rt! i 

J ,Si 


,*•1 

fill 4 * 


S. Africa outlook 


BY BERNARD SIMON. |N JOHANNESBURG 


What Rome wants is for the 
IOR to handle all its Italian 
transactions through a branch 
on Italian soil, which would be 
subject to the same exchange 
control rules as the branch of 
any other foreign bank in the 
country. In .fact, given that the 
expensive central administra- 
tion of the church is in Rome, 
the IOR is probably a net 
importer of funds. 

Such changes in any case 
would not have prevented die 
Calvi /IOR imbroglio, sheltered 
behind offshore companies over 
which the Bank of Italy proved 
powerless until too late. As 
Sig Nino Andreatta, the 
Treasury Minister, pointed out 
last June, only more stringent 
disclosure rules and greater 
discretionary powers for the 
central bank could have done 
that. 


Honecker 
has talks 
with head 
of Krupp 


By Leslie Colitc in Berlin 

A much publicised meeting 
between President Erich 
Honecker, of East Germany, 
and Herr Berlhold Beilz. chair- 
man of the supervisory board 
of Krupp, has taken place here 
at a time of mounting problems 
for the East German economy. 
It . overshadowed virtually all 
other news in the Communist 
party newspaper, Neues 
Deutschland. 

Herr Beitz, who W3s accom- 
panied by Dr Wilhelm Sch eider, 
the chairman of the board and 
members of the Krupp Founda- 
tion which owns Ihe company, 
met Herr Honecker for the 
third time in as many years. 
Neues Deutschland carried the 
item as its front page lead story 
above a much smaller despatch 
on the withdrawal from Beirut 
of the Palestine Liberation 
Organisation. 

Krupp. which signed eon- 
cnntracts worth DM ’240m 

(£56m) wilh East Germany in 
1981 and DM 35m (£8in) this 
year is interested in further 
projects. The company said that, 
besides continuing the “tradi- 
tionally good relations " 
between Krupp and East 

Germany, "the talks concentrated 
on economic relations between 
Bonn and Fast Berlin. 

The meeting, in East German 
eyes, demonstrates that their 
"country continues to be a 

desirable business partner for 
West German industry. 

The West German Chamber 
of Industry and Commerce 
(DIHT) said East Germany's 
growing hard currency shortage 
would have a dampening effect 
on business at the Leipzig 
Autumn Fair, which opens an 
September 5. However, most of 
the chamber's 560 members 
exhibiting at the fair do not 
believe there will be a “ serious 
fall ” in trade 

Capital goods producers 
polled by the DIHT said they 
did not expect improved busi- 
ness with East Germany because 
of its high debt to the West. 


Bonn current account deficit narrows 


BY KEVIN DONE IN FRANKFURT 


THE WEST GERMAN current 
account had a deficit of 
DM l.Sbn (£420m) last month, 
chiefly as a result of seasonal 
influences such as the heavy 
spending of West German 
(our is is abroad. However, the 
shortfall was less than half the 
DM 3.91m a year ago, and the 
country is well on course to 
wipe out last year’s current 
account deficit of nearly 
DM 171m (£3.9bn). 

There lias been a dramatic 
improvement in trading per- 
formance lit the past 
helped by ihe domcftiP 
sion which has rosiifcfllfcd 


imports. The current account 
deficit for the first seven 
months of this year totalled 
only DM 2.2bn compared with 
a deficit' of DM I9bn in the 
corresponding period of 1981. 
The current account includes 
service and transfer payments, 
as well as visible trade. 

The balance of payments 
figures were released yesterday 
amid growing speculation in 
Frankfurt financial markets 
lhat the Bundesbank will move 
to .lower key West German 
, _ rates bt tomorrow's 
ffSMJKfig of the yentral bank's 
council. 


Herr Karl Otto Poehl. the 
Bundesbank president, said last 
week that the fall in U.S. 
interest rates had given the 
bank more room to ease its 
monetary policy. It is coming 
under renewed pressure, parti- 
cularly from the union move- 
ment, to lower interest rates 
to provide some stimulus 
Opinion is divided as to 
whether the Bundesbank will 


the first seven months of the 
year of DM 2Sbn (£6.5bn;, com- 
pared with a surplus for the 
same period last year of DM 
9.99bn f£2.3bn). Last month 
alone, the trade balance closed 
with a surplus of DM 3.7bn — 
virtually unchanged on the 
same month a year ago — com- 
pared with a surplus of DM 
4.76bn the previous month. 

Exports in July totalled DM 


Mauroy 
seeks union 
backing for 
restraint 


move to lower both Lombard 34.5bn (£8bn» and imports DM 


and discount rates or whether 
action will be restricted to a 
small cut in the former rate. 

The trade figures released 
yesterday- show a surplus for 


30.78bn (£7.2bn). In the first 
seven months of the - year 
exports, amounted to DM 
250.4bn (£58.5bn) while imports 
totalled DM 222.4bn (£51.9bn). 


By David Hotaiego in Paris 


States agree to take part in AEG aid plan 


BY JONATHAN CARR IN BONN 


TJIE Bonn German Government 
and ihe federal states (Laender) 
have moved a step closer to 
agreement on how to aid AEG- 
Telefunken, the stricken elec- 
tricals concern. But serious 
hurdles still have to be cleared. 

Senior officials from the 
Laender agreed In principle 
yesterday to assume part of the 
responsibility for a DM 1.1 bn 
(£2 57m) credit guarantee which 
Bonn may approve shortly for 
AKG. 

It is understood that there 
were no serious objections to 
Bonn’s contention that the 
I/aender should cover half of 
the DM i.lbn with counter- 


guarantees. There are consider- 
able difficulties, however, over 
how the Laender are to divide 
up Ihe burden between them, 
and efforts will now be made 
to settle these in expert talks. 


One proposal Is that they 
should participate in the 
eounler-guarantee action accord- 
ing to how many AEG workers 
they have on their territory. 
But some argue that they are 
already planning local aid 
efforts for the group and want 
tills taken into account when 
the overall burden is shared 
ouL 


The MI I.lbn guarantee at all 
depends on the content of an 
auditor's report on AEG which 
is expected to be ready next 
month. If this report indicates 
thta the group’s efforts to 
restructure and return to profit- 
ability stand a fair chance' of 
success, then Bonn can step in 

While Bonn and the Laender 
haggled yesterday over condi- 
tions for future support, the 
government of West Berlin 
called on AEG no to go through 
with its announced closure' of a 
plant in the city, with the loss 
of up to 2,300 jobs. 


The federal Government’s Herr lmar Pieroth, the city's 


Affairs, said AEG's plan s meant 
an above-average cut in jobs in 
the city and were “not accept- 
able." However, Her r Joost 
Freiherr von Wrangel, a mem- 
ber of the AEG managing 
board, noted that tough 
rationalisation measures had to 
be taken — in the Interests of 
the company's creditors — in all 
areas where AEG was unlikely 
to show a profit. That included 
part of the group’s West Berlin 
operations. 

Reuter adds from Brussels: 
The European Commission has 
given its approval to West 
German government plans to 
provide DM 700m (£163m) In 


decision on whether to grant Senator (Minister; for Economic loan guarantees to AEG. 


Government ready to assist Dutch textiles 


BY WALTER ELLIS IN AMSTERDAM 


THE DUTCH Government is 
ready to help rescue (he 
country’s textile and clothing 
industries -provided any agreed 
plan does not conflict with 
European Community regula- 
tions. 


FI 800m (£149ra-£170m) the 
industries consider essential to 
their survival. He pointed out 
that successive governments had 
given some FI 750m in subsi- 
dies and credits since 1975. 

A rescue plan is scheduled lo 


approve any large financial aid 
to companies 

A group of employers and 
workers in the textile industry 
is preparing a plan based on 


wage moderation could restore 
some measure of profitability. 

• The Government is to ask 
Nijverdal Ten Cate, a textile 
concern in the eastern Nether- 


research by U.S. consultants, lands, to develop a combat suit 
This declared that the Nether- for the forces. It would have 


Mr Willem Dik, Slate Secre- be ready by the beginning of lands, with its high wages and to be proof against heat, cold 

tary at the Economics Ministry, next year, but the idea of gov- social security obligations, was and damp. If Ten Cate shouki 

said, however, that the Govern- emment subsidies has met with no longer a favourable place to come up with a suitable design 

ment was unlikely to be viable objections from the European make textiles and clothing, but it cold lead to an order for 

to come up with the FI 700ra- Commission, which . must added that modernisation and 200.000 suits 



Investment & Deposit 
Interest Rates will be 
reduced by1% 
from 1st September1982. 



GATEWAY 

BUILOIKMG SOCIETY 


Forfurther details call in at your local Gateway Building Society Office 
OF write to: Head Oltfca, Gateway Buikting Society, 

P.O. Box 18, Worthing, West Sussex BN 13 2QD. 

District Offices and Agents throughout the- United Kingdom. 


‘Shortcomings’ in Turkey 
affect borrowing ability 


BY MET1N MUNIR IN ISTANBUL 


TURKEY HAS made “great 
strides " in the field of external 
borrowing since 1978, but con- 
tinues to suffer from serious 
shortcomings which are under- 
mining its ability to borrow, 
according to a memorandum 


w’hen export credit agencies 
tried -to reconcile their figures 
with the official Turkish 
records. "This naturally casts 
doubt on ihe accuracy of official 
Turkish statistics, which makes 
it exceedingly difficult for bank 



prepared by the Government’s lending officers to convince their 
Financial Advisory Group. credit committees to increase 
The group — made-up of Kuhn their existing country limits, or 
Loeb Lehman Brothers Inter- to establish country limits for 
national. Lazaro Freres and Turkey." .the memorandum said. 
Warburg— «ubmi tied the memo- The advisory group said that, 
randum to the government last when Turkey went into nego- 
month, after sounding out the Nation, it was imperative that 


financial coin- 


international 
m unity. 

"A serious shortcoming re- 
mained over the lack of co- 
ordination within the Turkish 
Government, especially between 
the Central Bank and the 
Ministry of Finance” said the 
memorandum. “ Increasingly 
this shortcoming is becoming 
apparent in the marketplace, 
which can only have an adverse 
effect on Turkey’s ability to 
borrow.” 

The two institutions kept 


it be seen to be familiar with 
Its briefs and decisive. ** Certain 
recent negotiations have dearly 
not given that impression,” said 
the group. 

The advisers retmmmended 
that an “ external ’ borrowing 
co-ordination committee r be set 
up. It would embrace the 
Ministry of Finance, Central 
Bank and representatives of the 
state planning organisation. 

Concessional western aid to 
help Turkey overcome Its econo- 


Glistrup threat 
to form new 
Danish party 

By Hilary Barnes in Copenhagen 


separate and unreconciled” mic crisis Will taper off after 
records of external public debt mid-1984 and substantial 
record. This Jed to delays amounts of debt vriH fail -due. 


THE FOUNDER of Denmark’s 
tax-protest Progress Party, Mr 
Mogens Glistrup, has threatened 
lo resign and start a new party 
in protest against a proposal to 
increase the membership of the 
executive committee from six to 
20 . 

Mr Glistrup said the party was 
founded to fight bureaucracy. 
Increasing the number of people 
on the committee was the begin- 
ning of the bureaucratisation of 
the party. 

The proposal will be put to 
the party’s annual congress next 
month by Mr V. A. Jacobsen, 
the organisation chairman, who 
believes it will make- the party 
more democratic. 

The Progress Party caused a 
sensation in 1973 when it swept 
into Parliament with 26 seats. 
At the general election - last 
year, it returned 16 members 
(out of a total of 179) and won 
8.9 per cent of the vote. 

Mr Glistrup was sentenced to 
four years in jail last year. for 
tax fraud but he has appealed 
against his c onvidtion to the 
Supreme Court, 


THE French Prime Minister, 
M Pierre Mauroy, has 
launched a series of meetings 
with union leaders to win 
their acceptance of the finan- 
cial sacrifices the Government 
is pressing for. 

The Government is not only 
seeking a 14-month period of 
wage restraint when the 
prices and wages I re ere ends 
on October. 31. It is also 
-paving the way for cuts in 
unemployment and social 
security benefits or for 
increased contributions to 
bridge the deficits in these 
separately administered 
funds. 

All this makes this year’s 
rentrSe — the period of 
return from holidays — much 
more painful than last year’s 
when the newly-elected 
Socialist Government was 
loosening the purse strings 
with increased social allow- 
ances and a rise in the 
minimum wage. 

The Prime Minister last 
week saw M Edmond Mai re. 
leade r of the pro-Social 1st 
CFDT union, and the most 
favourably inclined to the 
Government’s policies. 

Yesterday, he met M Andre 
Bergeron, head of the centrist 
Force Ouvriere, who opposed 
the wages freeze strongly, 
claiming It will ent the pur- 
chasing power of his largely 
civil servant supporters by 
5-10 per cent 
By the end of the week, he 
will have seen tbe remaining 
union leaders, including M 
Henri- Krasucki. of the 
ConzzmuusMed- CGT union. 

These meetings will pre- 
cede the detailed negotiations 
between employers and 
unions at branch level to 
determine the actual level of 
settlements. 

Before then, however, M 
Mauroy is expected early next 
month to spell oat in more 
detail the Government’s 
wages policy and Its inten- 
tions towards financing unem- 
ployment benefits and social 
security expenditures. He Is 
anxious* though.' that he 
should not appear to be 
jeopardising tbe tradition of 

collective bargaining. 

Besides a lengthy period of 
wage restraint to bring down 
inflation, the Government’s 
other ambitious goals include 
a broadening of the collective 
bargaining system, a narrow- 
ing of wage differentials, and 
an end to the automatic in- 
dexing of wages. 

Tlie problem of achieving a 
-14-month period of wage 
restraint Is seen as immense. 
The Government has said it 
wants' to maintain the pur- 
chasing power of the lower 
paid, but H is already at odds 
with unions on how to define 
this category. 

Prior to the freeze, it had 
promised minimum wage- ' 
earners an increase in real 
incomes this year of 4-5 per 
cent. There is now doubt 
whether this promise can be 
met. 

Most difficult of all is the 
staggering of wage Increases 
over the .14-month period. 
The Government is com- 
mitted to restoring average 
purchasing power by the end 
of next year. But it is calcu- 
lating this year on a decline 
in real wages to help bring 
down Inflation. 


THE PRESENT surge in the 
gold price has not yet altered 
the bleak outlook for. South 
Africa's economy this year and 
in 1983, Dr Gerhard de Kock, 
Governor of the Reserve Bank, 
indicated yesterday at the bank's 
annual meeting of shareholders. 

Dr de Kock said that the gross 
domestic product will grow in 
1982 by about 1 per cent, “ or 
less ’’ in real terms. " It would 
b.e unrealistic to expert it to be 
significantly higher in 1983,” he 
9aid. 

The economy grew by 4.5 per 
cent in real terms last year, and 
by a record of dose to 8 per 
cent in 1980, but Dr de Kock 
said that the authorities' overall 
economic strategy “ was not res- 
trictive enough.” 

One result is a stubbornly 
"high inflation rate, expected to 
be about 15 per cent, this year. 
Dr de Kock said: “excessive 
increases in the money supply, 
and in monetary demand during 
.the past three year*, and the 
accompanying depredation of 
the rand since the beginning of 
1981, must be counted among 
its. main causes.” 

On the other hand, the 
balance Of payments has begun 
to improve for the first time 
in two years. The deficit on the 
current account dropped from a 
record, seasonally - adjusted, 
annual level of R6.9bn (£3.46bn) 
in the first quarter of this year 
to R5.4m in April to June, as a 
result of declining import 
volumes and the effect of the 
weak rand on exporters’ local 
currency earnings. 

Dr de Kock said that the 
deficit would be about R5bn 
this year, and that it should 
show a “ steady further decline ” 
in 1983. 

But repayment of large 
foreign loans is likely' to main- 
tain pressure on -the reserves 
for some time, according to 
private sector economists. 

The recent improvement in 
the current account is expected 
to be maintained, even if the 
price of gold, which accounts 
for about 42 per cent of South 



Dr de Kock . . . growth of 
' only 1 per cent expected. 


Africa’s export revenues, 
remains at the average of about 
$350 an ounce recorded so far 
this year. 

Dr de Kock said that the high 
Inflation rate, and the need for 
further adjustments to the 
balance of payments, require 
restrictive fiscal and monetary 
policies for the time being. 

“ Sustained monetary and 
fiscal discipline is essential if 
the South African economy is 
to combine a lower rate of infla- 
tion with a higher rate of real 
economic growth in the decade 
ahead.” he said. 

The Reserve Bank has 
noticeably- tightened its control 
over the money supply in recent 
months by selling large quanti- 
ties of Government Securities 
and by arranging less infla- 
tionary ways to provide crop 
finance to farmers. 

The broadly-defined money 
supply rose at an annual rate of 
only 3.4 per cent in the second 
quarter, after a 41 per cent 
increase in the first three 
months of this year. 


Kenya asks West for 
aid after coup attempt 


BY QUENTIN PEEL, AFRICA EDITOR 


THE KENYAN Government has 
submitted a formal request to 
Britain and other leading 
Western aid donors for emer- 
gency assistance in the wake of 
the abortive August 1 coup 
attempt. 

A letter -has been received by 
Mrs Margaret Thatcher, the 
Prime Minister, from President 
Daniel arap Moi. the Kenyan 
President, the Foreign Office 
confirmed in London yesterday. 

The official estimate of the 
'cost of damage caused in the 
action, including looting of 
shops in many parts of the 
capital, Nairobi, is put at $110m 


(£64m). 

However, the greatest costs 
for Kenya are in the loss of its 
reputation for political stability, 
which is likely to affect both 
future foreign Investment, and 
tbe country's important tourist 
industry. 

Although diplomats would 
not confirm Ihe contents of the 
letters delivered to Western 
embassies in Nairobi last week, 
the Kenyan government is also 
expected to ask for help in 
retraining and reorganising the 
Air Force, which was at the 
centre of the coup attempt and, 
has since been disbanded. 


ARAFAT’S POLITICAL BASE 



Tunisia prepares new 
homes for PLO 


BY RfcANCIS GHfUS 


THE 1,000 Palestinian guerrillas 
due to disembark today at .the 
port of La Goulette. north of 
Tunis, are expected to sur- 
render their weapons to Tuni- 
sian army officers before parad- 
ing through the streets of the 
capital. 

They are then likely to leave 
for Oued Zerga. a small town 
80 km north-west of Tunis. In 
the middle of a rich valley. 
There they are due to be 
housed in an agricultural train- 
ing centre and in tents while a 
prefabricated village is being 
built. 

Mr Yaser Arafat, chairman 
of the Palestinian Liberation 
Organisation (PLO) and about 
150 other Palestinian leaders 
are expected in Tunis later and 
will probably live in a hotel at 
Borj Cedria, 30 km north of 
the capital. - 

According to Mr Mohamed 
Mzali. the Tunisian Prime 
Minister, Tunisia will be a place 
for political discussions, but it 
will hot serve as the launching 
pad for military operations. 

The Tunisian authorities 
have also indicated that they 
will refrain from interfering in 
the refugees’ internal affairs 
and hope the Palestinians will 
behave in the same 
The late President Bourguiba 
of Tunisia was the first Arab 
leader to criticise Arab League 


northern mouth of lie Suez 
Canal ready to join the evening 
southbound' convoy yesterday. 

But unlike the hundreds of 
troopships which have passed 
through the Cana] before on the 
way io Aden and tbe east, the 
Cyprus-registered SS Alkyon 
was forbidden to discharge its 
passengers to pick up duty-free 


Israelis free 




prisoners 

Israel has began releasing 
some of the 7,009 suspected 
PLO members it captured in 
the opening stages or its 
invasion of Lebanon, Israeli 
officials said yesterday, AP 
reports from Jerusalem. 

Tbe officials said no num- 
bers were available, bat the 
process had speeded up “in 
the last few days." Tbe 
Israelis reserve the right lo 
put on trial any Palestinian 
suspected of personal involve- 
ment in terrorism, 

A Foreign Ministry legal 
expert said the PLO prisoners 
are protected by the fourth 
Geneva Convention relating to 
civilians under administra- 
tive detention, under which 
Israel is not obliged to release 
them at the end of hostilities. 



policy on Palestine openly and bargains at Simon Artz's 
to advocate a more flexible famous store on the waterfront 
approach, with direct negotia- 

tions between the Palestinians The Egyptian Government 
and Israel on the partition plan. has rigidly refused to allow any 
of 1948. Palestinian fighters into Egypt, 

It Is ironic that the country JMgUaining that the evacuation 
which suffered such strong « Beirut would have dangerous 
criticism from Arab states then fo^^iuences and should be 



> a ; 


should now be the headquarters 
of the Arab League and one of 
the first capitals to take the 
Beirut refugees. 

Charles Richards adds from 
Cairo: The first of two ships 
carrying Palestinian fighters 
from Beirut to South Yemen 
was met by the Governor of 
Port Said and senior PLO 
officials as it waited at the 


implemented only as part of a 
comprehensive settlemnt of the 
Palestinian issue. The Govern- 
ment waived the tolls for 
transiting the Canal as a 
gesture, however. - 


FINANCIAL TIMES, unhlishtd daily 
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subscription rim S365.OT p«, annum. 
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Financial Times Wednesday August 25 19S2 



OVERSEAS NEWS 


•>nt 


Japan 
to lend 
£146m to 
China 

By Richard C. Hanson in Tokyo 

JAPAN has agreed to extend 
Y65bn (£l46m) in official 
loans to China during the 
year ending March, 1983. This 
r amount is 8.3 per cent higher 
-S', than the assistance provided 
.S’ last year. 

Jatfnder a five-year agreement 
■*? starling in 1878, Japan has 
■^provided low-cost loans. 
-■'A mainly for a number of 
■;* ambitious projects aimed at 
..^strengthening China’s port 
and transport systems. 

TW s year’s instalment will help 
•’ fund three port and railway 
-■projects. More than Y30bn 
r 'will be spent on the expan- 
r > sion of a Beijing-Qichuang 
rail link. The Japanese have 
V.' also included Y20ba in cozn- 
V modity credits in the package. 

• The loans carry an interest 

- rate of 3 per cent over 30 
years, with a 10-year grace 
period. Last year, Japan 
extended Y60bn in loans, and 
in 1979 and 1980 the loans 
totalled Y50bn and Y56bn. 
Talks this year went smoothly 

. and an agreement was 
reached in every stage. 
Reuter adds: Mr Zenko Suzuki, 

- the Japanese Prime Minister. 

' yesterday offered to expand 

■Japan’s contribution to UN 
peacekeeping operations to 
cover personnel and equip- 
ment as weU as funds.. 

Mr Suzuki, in talks with Sr 
Javier Perez de Cuellar, the 
. UN Secretary-GeneraJ. said 
the contribution would be 
made within the framework 
of the Japanese constitution, 

Australian plan for 
economic ‘rescue’ 

MR BILL HAYDEN, the Austra- 
lian Labor Party leader 

• yesterday proposed a series of 
measures as a “ short-term 
plan of rescue” for the 
Australian economy, strug- 

. gling in the recession, AP-DJ 
reports from Canberra. 

The measures include the 
creation of about 150.(100 
extra jobs in the public and 
private sectors; increased 
spending on capital works, in- 
cluding an extra A$170m 
(£95m) on public housing; 
“genuine” tax cuts, cheaper 
health insurance and a new 
improved retirement scheme, 
and a 5 per cent devaluation 
of the Australian dollar to 
take pressure off interest 
rates. 

Reuter 


K. K. Sharma visits the scene of last week’s two-day orgy of violence by mutinous police and rioting strikers 

Bizarre coincidence fires up Bombay’s angry workers 


THE charred skeleton of a bus 
blocks traffic on one of Bombay’s 
arterial ro3ds. A few yards away, 
soldiers armed with light 
machine guns watch stonily 
while an upturned car lies 
nearby. Scores of shops with 
smashed windows bear testi- 
mony to Bombay's two-day orgy 
of violence last week in which 
six people were killed. India's 
commercial capital is limping 
back to normal, but it will take 
a long time to re-establish con- 
fidence between its 12m citizens 
and their 22,000 policemen. 

Bombay's police lost their 
status as the country’s elite 
force when they were joined by 
striking textile workers on a 
rampage in which several hun- 
dred million rupees worth of 
goods were looted. It took three 
battalions of the Indian Army 
and seven regiments of paramili- 
tary forces two days to bring 
the upheaval under controL 

A senior police officer 
acknowledges in hindsight that 
the situation could have been 
better handled and the authori- 
ties should have anticipated 
Bombay was a prime flashpoint 
in view of the continuing eight- 
month strike by 250.000 textile 
workers. When the authorities 
decided last Wednesday that 
they should act sternly to quell 
the growing indiscipline in the 



Burnt-out ear in Bombay after police riot. 


Bombay police force, they 
reckoned without the potential 
fury of the textile workers. 

The authorities swooped down 
on leaders of the police union, 
the Bombay Police Association, 
which began a demonstration on 
August 15, India’s Independence 
Day, for better pay and condi- 
tions. Textile workers in the 


neighbourhood thought the 
crackdown was aimed at them. 
The result was a rare combina- 
tion of policemen, angry at the 
arrest of 22 of their leaders and 
the dismissal of SO others, and 
hungry textile workers looting 
shops. According to Bombay 
residents, the violence was 
unavoidable. 


The long textile strike under- 
lines the deceptivenes of Bom- 
bay’s glossy prosperity. Ten- 
sions tend to be ignored until 
they build up enough pressure 
for the kind of eruption seen 
last week. No other IndiaB city 
can boast such a formidable 
organised underworld of 
smugglers, bootleggers and 
petty criminals. Bombay’s hun- 
dreds of thousands of shanty 
and slum dwellings are a fur- 
ther hotbed of discontent. 

Mr Julio Riberio, Bombay’s 
police commissioner, says: “The 
city, with all its frustrations, is 
like a powder keg that can go 
up at any provocation. We had 
to put fear into the people. 
There was no other way of con- 
trolling the situation— a situa- 
tion that was brought to a head 
by acts of indiscipline by Bom- 
bay’s police union, such as the 
wearing of black badges on 
duty, and an alarming report 
that the union leaders planned 
to loot the armouries. 

Last week’s crackdown js now 
admitted to have been an over- 
reaction. Bombay has a weak 
administration led by Mr 
Babasahib Bhosaie, the Chief 
Minister, who owes his position 
to the downfall of his 
allegedly corrupt predecessor. 

Mr Bhosale was in New Delhi 
on the day of the mutiny, pay- 


250 police 
dismissed 

MORE THAN 250 policemen 
in India's north era state of 
Haryana have been dismissed 
for taking part in last week's 
demonstr ati ons. Chief Mini- 
ster Bhajan La] said yester- 
day. Reuter reports from New 
Delhi. 

The Minister said he would 
not tolerate indiscipline in 
the force- The policemen, 
mostly from the state’s 
armed constabulary, were 
protesting about working 
conditions, the Press Trust of 
India said. 

A day after the trouble In 
Haryana, policemen in Bom- 
bay, went on strike to press 
for higher pay. The army 
was summoned to restore 
order and at feast five people 
were killed in the city in two 
days of rioting. 


ing court to Mrs Indira Gandhi, 
as seems mandatory for all 
those who owe ber allegiance. 
It seems the decision to disci- 
pline the police union leaders 
was decided upon without the 
Chief Minister’s knowledge, 
although Bombay’s cynics say 


•■this would have made no dif- 
ference. 

A post mortem is now under 
way to allocate blame for the 
mutiny and the tiots. Recogni- 
tion of the Bombay Police Asso- 
ciation has been withdrawn and 
the authorities are to act firmly, 
in accordance with instructions 
from New Delhi 

Police unrest over pay and 
conditions in at least two other 
states is worrying 1 the Indian 
Government, which fears an- 
other build up of hostility 
among industrial workers and 
police. Mrs Indira Gandhi's 
government, and her Congress 
Party in a majority of the 
country’s 22 states, will come 
under pressure for strong 
action on growing police in- 
discipline. 

This will also be the worst 
year ever for industrial strife 
and last year’s figure of 22m 
working days lost will be 
greatly multiplied, even if the 
textile workers go back to work 
immediately. 

The bizarre coincidence of 
the police agitation and the 
textile strike is symptomatic 
of the notoriety earned by 
India’s police forces because of 
their corruption and high- 
handedness. In Bombay itself, 
the police force is said to be 


operating a highly rewarding 
protection racket of weekly 
pay-offs, whose victims are 
small ' and large businesses, to 
the benefit of both constables 
and senior officers. Such cor- 
ruption is rife all over the 
country. 

Added to this are police 
grievances about wages and 
working conditions that led to 
the appointment of a commis- 
sion of inquiry three years ago i 
when forces in a number of 
states started simultaneous 
protests. After submining a . 
number of reports the Commis- 
sion ended last year, but so far 
no action, has been taken on its 
recommendations. 

Part of the reason 'for this 
inaction is that the Commission 
was appointed by the Janata 
Government, whose policies and 
actions Mrs Gandhi appears to 
be deliberately ignoring. This , 
is creating pressures of the kind 
that led to last week's violence. 

Such riots may not he con- . 
tained so quickly next time. As ■ 
a Bombay resident points out: 
“In any other country, there 
would have been a revolution. 
There was widespread discon- 
tent, a massive strike, a muti- 
nous police and an ineffective 
and unpopular administration. 

If the combination recurs, the 
army may not be enough.” 


South Korea joins protest at Japanese rewriting of history hooks 


BY ANN CHARTERS IN SEOUL 


KOREAN-JAPANESE relations, 
often more uneasy than com- 
fortable, suffered a shock 
recently when Japan re-wrote 
its - secondary school history 
textbooks, which deal with the 
invasion by Japan of the 
Korean peninsula and the 
harsh. 37-year colonial admini- 
stration which ended in 1945. 

The South. Korean Foreign 
Ministry lodged a formal pro- 
test with the Japanese ambas- 
sador in Seoul this month to 
warn that relations between the 
two countries could be damaged 
unless Japan were to revise the 
textbooks. The three main 
Korean political parties yester- 
day issued statements to 
deplore the absence of specific 
measures in remarks by Mr 
Zenko Suzuki, the Japanese 
Prime Minister, on Monday in 
Tokyo. 


Mr Suzuki did say that efforts 
would be made to find solutions 
acceptable to South Korea and 
China — which has also pro- 
tested against the re-writing — 
as soon as possible, but he gave 
no timetable. The formal 
Korean protest through diplo- 
matic channels asked that 
prompt and specific steps be 
taken to correct the historical 
accounts. 

Particularly galling to the 
Koreans is the designation of 
the 1919 independence move- 
ment here as a “ riot ” in the 
new textbooks. After a 
declaration of Korean indepen- 
dence on March 1. 1919. the 
Japanese army suppressed 
demonstrations. It killed more 
than 7,000 Koreans and 
wounded almost 16,000, accord- 
ing to Korean historians. After 
the uprising, Korean govern- 


ments-in-exile were established 
in Vladivostok and Shanghai, 
where they remained until the 
end of World War II. 

Other revisions which pro- 
voked the current protest 
Include a description of the 
invasion of the peninsula as an 
“ advance ” an account of 
Japanese forces promoting 
Korean worship at Shinto 
shrines, which former texts 
described as forced worship. 
Koreans who were drafted into 
the Japanese army, or Into 
other services, such as enter- 
tainment of troops, are 
described in the current text 
as gathered for factory work or 
mobilised. Late in the occupa- 
tion. the study of the Korean 
language was banned, but the 
new texts say the Korean and 
Japanese languages were both 
used. 

Other Japanese attempts to 


control the local population and 
subjugate Korean culture at that 
time have been described in 
local newspaper accounts of 
Japanese rule. Pictures of an 
independence fighter with both 
arms severed, and of another 
being executed with a chopper, 
have rekindled old memories, 
and have awakened new 
reactions in those under 40 who 
are too young to remember the 
grim years before the Japanese 
surrender. 

Older citizens have staged 
demonstrations in cities through- 
out the country and the 
Japanese ambassador in Seoul 
received a telephoned threat to 
his life. 

In a strong statement to 
remind his compatriots that 
effects of Japanese rule still 
remain. President Chun Doo 


Hwan speaking on August 15, 
Liberation Day, blamed the 
Japanese for the fact that the 
Korean peninsula and people 
are divided today. The Japanese 
army in the northern part of the 
peninsula surrendered to the 
Soviet array at the end of the 
Second World War, and another 
occupying army to the south of 
the 38th parallel surrendered 
to the U.S. That parallel 
became the boundary between 
North and South Korea. 

The textbook controversy 
comes at a particularly sensitive 
time. South Korea and Japan 
having just compromised on a 
year-old Korean request for 
S6bn (f 3.4 bn) in aid. Last 
month. Korea accepted Japan's 
offer of $4bn in aid, but the 
composition of the loans is still 
in dispute. The Korean 
Government wants $2.3bn of the 


amount as official development 
assistance (ODA) loans at low 
interest rates. and the 
remainder as commodity 
credits. 

The latest Japanese offer, 
deemed unacceptable by the 
Koreans, was $l-5bn at ODA 
rates, with the rest as . export- 
import credits. According to a 
government official here, the 
export-import credits could be 
obtained through commercial 
banks and do not represent 
special concessions. 

Although the Korean Govern- 
ment would like to keep the 
Joan issue and the textbook 
controversy separate, it is now 
waiting for the next Japanese 
move on both matters. There 
are no indications as to what 
steps Korea might take if Japan 
were to prove intransigent on 
either. 


Gandhi backs 
Mauritius claim 
to Diego Garcia 

PORT LOUIS — Mrs Indira 
Gandhi, the Indian Prime 
Minister, said yesterday her 
Government backed Mauritian 
claims to sovereignty over the 
island chain which includes the 
U.S. military base of Diego 
Garcia. 

She told the Mauritian Legis- 
lative Assembly that India also 
supported the Mauritian cam- 
paign for the demilitarisation 
of the Indian Ocean. .Mrs 
Gandhi, on a three-day visit, 
said Indian and the new Left- 
wing Government in Mauritius 
had identical views on non- 
alignment, Southern African 
liberation movements and 
Israeli aggression ” against the 
Palestinians. 

Mrs Gandhi is also due to 
visit Mozambique on her tour 
and will stop off in the Sey- 
chelles. 





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to read these pits, a laser 
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Accuracy Is of prime 
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elements of mechanics and 
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Hitachi's system is accurate 
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Financial Times . Wednesday August j?5 J982 


AMERICAN NEWS 


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U S. and UK Argentine economy 

banks plan ... 

interest minister resigns 

share-out amid rising tension 

By Peter Montaenen. O 


share-out 

By Peter Montagnon, 
Euromarkets Correspondent 

CITIBANK Is to begin shar- 
ing: interest payments from 
Argentina with Its British 
counterparts from the middle 
of next month If differences 
between the two countries 
have not been resolved by 
then. 

The move Is seen as a major 
step forward fay British 
hankers, who have been press- 
ing for such a share-out since 
Argentina stopped paying 
interest to British hanks in 
the wake of the Falklands 
crisis. 

They argued that when 
several banks have clubbed 
together to provide a loan tn 
the syndicated credit market, 
it was essential for ail banks 
to receive equal payments and 
a fundamental market princi- 
ple wonld be undermined if 
one group of banks was 
singled out for non-payment 
Bnt pro-rating, as the 
sharing ont process is known 
In the banking community, 
has taken a long time to 
become established as a prin- 
ciple. Host banks have 
agreed to it but even now a 
few U.S. and Canadian banks 
are resisting British requests 
for a share-out of Interest . 

Some British bankers said 
yesterday that Citibank's offer 
to begin pro-rata payments 
from the middle of next ■ 
month stilZ did not go far 
enough as pro-rata payments 
should begin promptly. 

Despite Citibank's state- 
ment that payments will 
begin in a month's time. . 
several British bankers are 
less than certain that the 
differences between Argen- 
tina and the UK will have 
been resolved by then. 

Pressure by commercial 
banks for a lifting of the 
assets freeze has been resisted 
up till now by the British 
Government Although the 
situation is under review In 
Whitehall, it is still thought 
unlikely that the freeze will be 
lifted before Argentina form- 
ally agrees to a cessation of 
hostilities and lifts its own 
financial sanctions against 
Britain. 

A lifting of the freeze is an . 
essential pre-requisite for 
talks on rescheduling Argen- 
tina's $37bn foreign debt. 
Rescheduling Is becoming til 
the more urgent because of 
growing payments arrears. 


BY JIMMY BURNS IN BUENOS AIRES 

THE PROSPECT of a major 
political crisis loomed in Argen- 
tina yesterday following the 
resignation of Sr Jose D again o 
. Past ore, the economy minister. 

A statement issued fay a 
Presidential spokesman said 
that Sr Pastore had resigned 
because he believed he had 
failed to reconcile the country's 
warring sectoral interests. 

While there was no immediate *%{ 
sign yesterday that Sr Pastore’s &' 
resignation would lead to similar 1*^. 
moves by other ministers, his ' 
going has come at a. particularly 
critical stage for the Presidency 
of General Reynaldo Bignone;-- 
There is continuing specula-' 

tion of deep divisions within- __ . . _ „ ; - . 

the military as. the background: ~ Pastore ... believed, tiriiay e 
to labour unrest and a deepen-.’ disagreed over wages policy, 
ins economic crisis. . 

Significantly. • President the future strategy believed to 
Bignone has asked Sr Conrado have come under consi dera tion 
Bauer, the Minister Of Public in the economy ministry Is 
Works to take over at Economy, understood to have brought Sr 
in a caretaker capacity. The Pastore into conflict with other 
move . suggests- that : the Presi- cabinet ministers - but more 
dent could take several days to partiadariy with the governor 
find an acceptable successor to « "the Barns. Sr 

Sr Pastore Domingo Cavallo. Sr Pastore 

i^^La*** e(I t« nAn t (,«, 15 believed to Save favoured 
No immediate statement from aom _ arrangement with the 
. Sr Pastore was expected yester- gapLan assumption which 
day. But indication from the may ^ve prompted a less 
Economy -MimsttY . f 0u {f e f flexSrie attitude on the question, 
suggested that the Munster had salaries 
disagreed in Cabinet over wages s c^ 0 recently said that 

S°r SSrtJi 1 LSS! K SuJSi h * e *p ected t0 back * 

Argemmas foreign debt prob- j of . jo 3bn of deferred 
leni may have been an added fo «, |gn debt paymC nts by mid- 
point nf f notion. September, using central- bank 

• Sr Pastore resigned afterthe re ^rves and 650m of its SDR- 
economk: cabinet, winch quo t a i n the IMF. But the 


includes 


Governor 


indicated 


labour, public works, and social Argentina would seek $lbn in 
action, had met to discuss the fr ^ h credit, to help meet the 
extent oF salary increases $2.5bn in interest payments due 
planned for the pnvate sector. in ^ second hklf of in82f wilh . 

Unions have stepped up ont a f onna i refinancing 
pressure, on the Government in agreement, 
recent days demanding rises of g r p as j ore ’ s resignation takes . 

^2 JJLnfPwSBn place a * ain5t tb ® background of 
The hard-line . dements within n«Hsam» on the 

«° verninent from nationalists 
Confederate or* -of Labour (CGI) w i. n arp annim? stronrfv 
have threaded to. step up ^^any Tempt STS 
Industrial action following the Arcentina’s foreign debt 

negotiations with a stabilisa- 
reSgSSfoo S amSSSSi tion programme as has occurred | 
was expected from President 111 Mex f 0 ' _ „ 


Bignone on all-round substantial' 
pay rises. 


Sr Aldo Ferrer, who Is one 
of the main opposition spokes- 


Fonnal negotiations ' on men on economic policy- on 
Argentina's $36bn foreign debt Monday night warned that any 
have been stalled as interna- attempt to apply an IMF-backed 
tional hankers wait for the austerity package in Argentina 
lifting by Britain of its freeze would provoke a major social 
on Argentine assets. However, explosion. 


Call for 
big boost 
to IMF 
resources 

fly Reginald Dale, 

US. Editor, in Washington 

THE PRESTIGIOUS Institute 
for International Economics 
yesterday called for a large in- 
crease in the financial resources 
of the International Monetary 
Fund and sharply criticised the 
fund’s lending policies over the 
past 12 months. 

The Institute, a private, non- 
profit malting study group set 
-up at the end of last year, said 
inr its first report that the IMF 
quotas' should’’ be raised to at 
.' last, SDR lOObn . tSUObnl and 
possibly as much as SDR 120bn, 
from the- current level of SDR 
-:61bn. . 

-'Mr Fred Bergsten, a director 
: of 'the institute, said that while 
• =the' fund had enough money to 
- come h>_ the rescue of Mexico., 
it-' might not be able to cope 
with “two or three Mexicos." 
The institute arrived at the 
SDR lOObn-plus figure after a 
detailed analysis of tbe needs 
of fund members and the role 
it thought that the fund should 
be playing “ in supporting a 
stable and growing world eco- 
nomy.’' 

The fund is due to start dis- 
cussing the next quota increase 
at its annual meeting In Toronto 
next month, with a target dead- 
line for agreement of December 
1983. Proposals range from a 
veiy modest increase by the U.S. 
to a doubling or more by the 
developing countries. 

The report by Mr .Tohn Wil- 
liamson. a senior fellow of the 
institute and a former adviser 
to the IMF, said that fund lend- 
ing bad dropped p_recipitiously 
since mid-19SI. after commit- 
ments of as much as S25bn to 
developing countries in the pre- 
vious IS months. 

Mr Williamson criticised the 
cut, which was strongly urged 
by the U.S., as “ severely detri- 
mental to the needs of the 
world economy in general and 
developing countries in parti- 
cular. in the light of the con- 
tinuing large deficits of the 
poorer countries and their in- 
creasing difficulty in borrowing 
from private banks/’ 

He attributed the cut to a 
tightening of the fund’s condi- 
tions rather than to any lessen- 
ing in the needs of the develop- 
ing countries. 

The lending policies of the 
International Monetary Fund 
(Institute for International Eco- 1 
nomicx. 11 Dupont Circle. N.W. : 
Washington DC 2 0036. $6.00). 


INTERNATIONAL FINANCE CORPORATION REPORT 


Third World finance squeezed 


BY DAVID TONGE, DIPLOMATIC CORRESPONDENT 


— DEVELOPING COUNTRIES 
could find it more difficult to 
obtain equity capital from 
foreign investors and loans from 
system, Mr Hans Wottke, Exe- 
cutive-Vice President of the 
the international banking 
International Finance Corpora- 
tion, warned this week before 
publication of the IFC's annual 
report today. 

The IFC is the affiliate of the 
World Bank specialising in 
making equity and loan assist- 
ance to private sector ventures 
in the Third World. On June 30, 
the end of its 26th year of opera- 
tion. the IFC’s loan and equity 
part/olio totalled SISbn 
(fl.03bnY in 333 companies in 
over 70 developing countries. 

Its latest annual report 
stresses the increasing Impor- 
tance of pnvate capital in help- 
ing the Third World finance its 
current account deficits. In 
1981. private capital constituted 
almost - two-thirds of ttoal net 
external capital flows to 
developing countries compared 
to Jess than 60 per cent tbe 
pervious year. 

But Mr Wuttke warned that 
many private lenders have con- 
cluded that they have reached . 
their lending limits in certain 
countries. 

The IFC report says that most 
of the large increase in borrow- 
ing from the international 
capital marker went to bor- 
rowers in the industrial nations. 

By contrast the non-oil deve- 


REGIONAL DISTRIBUTION 
OF IFC INVESTMENTS 1982 

YEAR EMHK JDME 30 


AMOUNT OF INVESTMENT 


UfflB ' 
UHUFACTBMM 



UTM AMERICA 
"CARIBBEAN 
i 43% 



W7BKJHWM5 


cratra 

STEEL 

1 


EQ80K 
RlOOtEEAST 
9% ■ 


loping countries saw their share 
of the total market shrink from 
34 per cent in 1979 to 22 per' 
cent in 1980 and 20 per cent last 
year. However, the report 
offers one glimmer of hope 
when it suggests that Arab 
banks could become more active 
in the developing world. 

Syndications led by Arab 
hanks accounted for more than 
20 per cent of Eurocurrency 
credits to non-Opec developing 
countries in 1981, compared to 
less than 10 per cent previously. 

The IFC has spent the past 
year reviewing how it could 
help developing countries avoid 
the vagaries and high cosjE of 
the Euromarkets. 

One scheme it supported was 


HtPAfHBI.. TOURISM A 

.tjx . wmos 

- - - - n% 


the 9120m Mexico Fund 
launched In 1981 in New York 
and London to' raise funds for 
investment in securities in 
Mexico. 

This has performed disap- 
pointingly and the IFC is now 
exploring the possibility of 
underwriting Eurobond issues 
by Third World companies. 

The staff of the 122-nation 
body say that it is trying to 
diversify its operations, but still 
around half its lending 4s to 
Latin American and Caribbean 
countries. It is also moving 
slowly in building up its port- 
folio in the agricultural sector, 
an -area in which Britain's Com- 
monwealth Development Cor- 
poration has long specialised. 


In the year to June 30 the 
IFC approved investments total- 
ling $612m, the lowest level for 
three years. Its annual report 
blames the drop os the adverse 
investment climate prevailing 
throughout the year. This 
particularly hit a number of 
large ventures such as steel and 
cement plants. 

The total value of the pro- 
jects in which the IFC became 
involved last year was nearly 
$3bn. Developing countries are 
providing 63 per cent of this 
total and the IFC 21 per cent 
It is thus only acting In a rela- 
tively small way to catalyse 
investment from the lndus- 
tr ialis ed world m the poorer 
countries which are Its concern. 


Mexico seeks doubling 
of quotas by IMF 


BY RON BUCHANAN IN MEXICO CITY 


Inflation rate rise in U.S. 
decelerated last month 

BY REGINALD DALE, US. EDITOR IN WASHINGTON 


MEXICO is to seek a doubling 
of International Monetary Fund 
quotas for the Third World, and 
re-establlshment of an IMF 
committee to channel oil profits 
to developing nations . 

Sr Alfredo Phillips, Deputy 
Gox'craor of the Banco de 
Mexico, said that the Third 
World nations needed special 
treatment from the IMF to help 
them deal with high interest 
rates on a total debt which he 
estimated at $500bn (£285.7bn). 

He added that Mexico would 
seek support for this position at 
a meeting this week at Montego 
Bay, Jamaica. The meeting — 
a regular, scheduled one before 
the annual DCF meeting at 
Toronto on September 6 — will 
he attended by senior financial 
figures from governments in 


Latin America, the Caribbean, 
Spain and the PhOiippines- 
Mexico hopes those govern- 
ments will take the proposal to 
Toronto. 

An IMF team is meanwhile 
expected in Mexico City today 
to begin talks on a Mexican re- 
quest for some $45bn of emer- 
gency finance to tide the 
country over its serious fin an- , 
dal crisis. 1 

The negotiations are politic- 
ally sensitive locally, but so far 
labour leaders have indicated 
that they will not rock the boat 

According to Sr Fausttno 
Alba Zavala, one of the leaders 
of the offidal labour movement, 
the trade unions’ main objec- 
tive in tbe coming months will 
be to preserve jobs rather than 
fight for high wages. 


TJrS 17.5. inflation rate, as 
measured by consumer prices.' 
was reduced in July after two 
months’ relatively rapid in- 
crease. The Labour Department 
said that the July rise in the 
consumer price index was 9-6 
per cent. There were increases 
of 1 per cent In both May and 
June. 

The mid-summer bulge in the 
index followed months of mini- 
mal increases, and one slight 
fall earlier in the year! 

The July increase put the 
index fi.5 per cent higher than 
in July 1981, tiie Department 
reported. It said that the com- 
pound annual rate for the three 
months to eDd of July was 10.8 
per cent 

That figure, however, reflected 
the unusually high increases in 


rMay and June. The underlying 
rate is much lower, and prob- 
ably well below the increase of 
8.9 per cent last year. The 
White House’s Office of Manage- 
' meat and Budget recently pre- 
dicted a year-on-year increase 
for 1982 of 5.9 per cent. 

Most of the deceleration in 
July was attributable to a slow- 
ing in the rate of increase fay 
the housing, transport, food 
and beverage components of tbe 
index; the Department said. The 
most notable factors were a 
deceleration in the rise of the 
cost of house purchase includ- 
ing reduced mortgage rates, a 
smaller increase In petrol prices 
and a decline In the price of 
fhiit and vegetables. 

The clothing index rose more 
than an recent months. 


WORLD TRADE NEWS 


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Garuda set to order 10 
Fokker F-28 jetliners 


BY WALTER ELLIS IN AMSTERDAM 


THE FORTUNES of Fokker, the 
Dutch aircraft manufacturer, 
may be about to receive a boost 
with an order for 10 of their 
F-2S jetliners from the Indo- 
nesian airline, Garuda. 

According to yesterday's 
Financiele Dagbtad. Garuda has 
placed a firm order for tbe air- 
craft, worth some FI 220m 
(£46.Sm) fitted with engines by 
Rolls-Royce. 

Neither Fokker nnr Garuda in 
the Netherlands would confirm 
or deny the story. But Fokker 
last week, in its half-year report, 
did disclose that it hait bonked 
orders this year for the delivery 
of 24 airliners and that negotia- 
tions were continuing with a 
number of airlines for impor- 
tant new orders, including fleet 
renewals. 

Fokker made a profit during 
the first six months of this year 
of FI 6m-— slightly up on the 
same period last year — and 


expressed itself modestly opti- 
mistic about prospects for 1982 
as a whole. 

The Rolls-Royce stipulation. If 
correct, is interesting because 
the British company no longer 
makes the particular engines for 
the F-28. which the Indonesians 
requested. 

Garuda is said to have 
ordered F-28 4000s, and older 
versions of the Rolls-Royce 
engine suitable for this model, 
the RB 183. recently went out 
of production. 

It is understood, however, 
that the latest version of the 
engine specified could be made 
available bv RoJls-Royre, thus 
enabling Garuda to go through 
with the deal. 

Fokker has already under- 
taken to fit the modified engine 
in F-28s ordered by the Swedish 
airline.. Lin jeflyg. and Ansett of 
Australia. 

It is thought that the F-28S 


would be used by Garuda 
mainly for services wittdn its 
immense archipeiigo. The air- 
craft is a short to medium-haul 
operator which, despite an ex- 
cellent service record, has not 
repeated the success of the F-27 i 
turbo-prop, of which more than ! 
500 have already been sold 
round tbe world. A major 
sale now could prove extremely 
useful. 

Meanwhile, Fokker is still 
looking for a new international 
partner to replace McDonnell 
Douglas of the U.S., which 
earlier this year backed ont of 
a deal with Fokker to co-build 
a jiew-generation medium-haul 
airliner. 

It is felt that the Dutch con- 
cern will eventually throw in its 
lot with Airbus Industrie, for 
vAiioh ' it already carries out 
sub-contract work, but talks 
have also been going on with 
Boeing. 


Brazil’s £lbn railway delayed 


BY ANDREW WHITLEY, IN RIO OE JANEIRO 


COMPLETION of Brazil’s major 
railway project, the $IBbn 
f£1.05bn) steel railway, for 
which GEC of the UK is the 
principal foreign supplier, is. 
being delayed for another 12 
months because of a lack of 
state funds. 

A senior Transport Ministry 
official said this week that the 
first 130 km section of line 
between Bom Jardin and Volta 
Redonda will only begin 
operating in the second half of 
1934. The remaining 170 km 
have been postponed to the end 
of the following year. 


This - further delay to a 
troubled project, originally due 
to be completed in 1978 three 
years after work began, will 
come as a disappointment to 
GEC. 

The British company has a 
contract worth. £150m at 1976 
prices to provide diesel loco- 
motives and other equipment 
for signalling, telecommunica- 
tions and, later, the electrifica-. 
tion of the railway. Orders for 
35 locomotives - have already 
been placed. 

RothschUd5 Bank has pro- 
vided most of the external 


finance for the project 

Railways have always been 
accorded a low priority in Brazi- 
lian transport policy. At a time 
of severe Government cut-backs 
on virtually all developed pro- 
jects, the steel railway— -to link 
the iron . ore mines of Minas 
Gerais state to the big steel i 
complex at Volta Redonda near j 
Rio: de Janeiro— was bound to 
be a casually. 

Over 90 per cent of the civil 
works on the entire 300 km line 
have been completed at an esti- 
mated cost so far of approxi- 
mately $lbn. 


Egypt, Spain ratify $lbn deal 


BY ROBERT GRAHAM IN MADRID 


EGYPT AND SPAIN has rati- 
fied a $lbn ( £58Sm ) deal for 
Spanish naval vessels, military 
trucks, armoured personnel 
cariers and buses. 

The deal— Spain's biggest 
ever military export order— was 
finalised last month but was for- 
mally ratified over the weekend 
in Cairo by Sr Juan Antonio 
Garcia Diez, the Spanish Deputy 
premier and Minister of 
Economy, 


All the equipment is being 
supplied from within the group 
of companies controlled fay INI, 
the Spanish state bolding com- 
pany. The biggest share of the 
contract has been won fay the 
naval shipyard. Bazan, which is 
. to supply two corvettes and six 
patrol vessels worth $598m. 

Egypt is understood to be 
anxious to buy two more cor- 
vettes, each costing fI40m. The 
more sophisticated armament 
for the vessels is to be supplied 


under a separate arrangement, 
provided by U.S. groups. 

The remainder of the contract 
will be supplied by the indus- 
trial vehicle producer, Enasa. 
and consists of 3.000 military 
trucks. 600 four-wheel drive 
amphibious APCs and 200 buses. 

Egypt is reportedly anxious 
to purchase 300 more- of these 
APCs. This, coupled with the 
naval options and spares, could 
raise the eventual value of the 
deal to $L4bn. 


Kellogg may 
winLNG 
maintenance 
contracts 

By Francis Ghiles, recently in 
Arzew 

ALGERIA'S state oil and gas 
monopoly, Sonatrach, Is 
expected to choose Kellogg 
Plant Services Inc for the 
maintenance of two Liquefied 
Natural Gas <LNG; plants at 
Arzew, the major hydro- 
carbons - base in Western 

Alorarifl 

At the LNG Z plant in 
Arzew, Kellogg Plant Services, 
a subsidiary of The MW 
Kellogg Company of Houston, 
would replace El Paso 
Engineering Services, a sub- 
sidiary of El Paso Natural 
Gas, which will have pulled 
out Its staff of about 100 by 
the end of the month. 

Kellogg Plant ' Services 
would also provide mainten- 
ance services at the $L2bn 
(£7D5mJ LNG plant at Arzew 
With the expected start-op 
of a contract for Trank line of 
the U.S. and increased ship- 
ments of LNG to Belgium. 
both plants should be working 
a higher capacity than ever 
before by this autumn. 

The two maintenance con- 
tracts are worth an estimated 
530m. 

Sonatrech Is currently 
taking bids for a $75m worth 
of work to supply and install 
boilers at the LNG 1 plant, 
work which is designed to 
increase the throughput 
capacity of the. plant. 

India to help 
plan oil field 

By Our New Delhi Correspondent 
India has won two consul- 
tancy service contracts 
worth $347,300 (£204,411) for 
study on. an oil field in Iraq 
and for prospect evaluation of 
an offshore basin In Sri 
Lanka. 

According to Col S. P. 
Wahi, chairman of the Oil and 
Natural Gas Commission, the 
ONGCT had signed a contract 
with Iraq's National Oil Com- 
pany for the study of the Ain 
Zalh oilfield In Iraq. Work on 
the contract worth $247,500 
Would begin by the first week 
of October. 

The ONGC will sign a 
8100,000 contract with Ceylon 
Petroleum Corporation in a 
week’s time for consultancy 
services for prospect evalu- 
ation of the Pa IX Bay and the 
Gulf of Mannar offshore basin 
near Srj Lanka. 



Big contracts are luring a host of companies, writes Francis Ghiles 

Algeria enjoys a building boom 


CONSTRUCTION COMPANIES 
operating tn Algeria are cur- 
rently enjoying a building boom 
unprecedented since the coun- 
try became independent 20 
years ago. To catch up on an 
enormous backlog of demand, 
450.000 new homes are to be 
built during the current Five- 
Year Economic Development 
Plan (19S&-84), 35 many as 
were completed in the 13 years 
to 197P. 

The bousing budget this year 
is $2.2 bn (£l.28bn), Sl.Tbn of 
which is accounted for by pre- 
fabricated homes : -the import 
of kits for such homes made 
I up 10 per cent of Algeria's 
total import bill in 1981. 

The construction of new 
towns and the modernisation of 
existing town centres in places 
such as Algiers and Constan- 
tine, the bare bones of which 
will cost $2.5bn over five years, 
provide another big market for 
the construction industry. These 
will involve contracts for 
schools, hospitals, public trans- 
port and sports facilities. 

The wealth of contracts to be 
won has attracted a host of 
international companies, very 
few of which are British. 
French companies, such as 
Bouygues and Dumez, have 
done very well ' as have 
Canadian companies such as 
Treco. In June, a draft agree- 
ment for the construction of 
60.000 homes has further 
widened the French share of 1 
the market . - 

' Italian companies have won 
many contracts, the latest batch 
of which, awarded a month ago. 
were worth 5225m- Hungary’s 
Emexport and NIkex , have 
recently won orders for 2,000 
and L700 apartment contracts 
respectively. 


ALGERIA'S PLANNED HOUSE COMPLETIONS, 1900-84 
(in thousands) 


Houses in progress* 

(from earlier housing programme) 
New programmes 


* Not all these houses are under construction. Some are still under study. 

Source: General Report on the Five Year Plan. I9B0-84 


Urban 

'Rural 

Total 

•225 

104 

329 

75 

46 

121 


• — 


300 

ISO 

450 


UK companies do not appear 
to have achieved anything like 
the 20,000 housing units, worth 
£2 00m. for which the UK and 
Algerian governments signed 
an agreement in October 1981. 
Gildway has completed a £5m 
contract for 400 housing units 
and Cosalt Adda won two con- 
tracts worth £8m in all, but 
long drawn-out negotiations 
between the British Construc- 
tion Group — which include 
Wimpey. Cementation, 

McAlpine and R. M. Douglas — 
and the Algerian government 
have yet to bear fruit. 

The present building boom is 
characteristic of the more 
relaxed rule of President Chatfli 
Bendjedid. Tbe austere grip 
of the late President Houari 
Boumediene, which had fbcused 
bis attention on providing his 
country with a heavy industrial 
base, has given way to an eco- 
nomic policy which recognises 
the huge backlog in social and 
consumer needs. 

President Chadli has made 
adequate housing a key point of 
the Government’s social and 
economic policy. Algeria’s popu- 
lation has doubled to 20m since 
independence bnt the problem 
of birth control cannot be 
addressed until living standards 
are raised, particularly where 


more and .better housing is 
concerned. 

At 51.920. Algeria's per 
. capita income was the fourth 
largest in Africa last year, but 
it will not be able to continue 
growing if the annual 3J2 per 
cent growth in population is not 
checked. 

The magnitude of the chal- 
lenge is daunting, but the $L4bn 
allocated to housing during the 
current plan underlines the 
boldness of government inten- 
tions. The official target of 
450,000 new homes by 1984 is 
not likely to be met, but official 
figures on the number of new 
homes completed underestimate 
the real figure. 

This is because the boom is 
not limited to state-backed or 
council-flat type building. The, 
private, but not necessarily, 
wealthy, sector is also building: 
the middle class are putting up 
large houses while poorer 
people are adding a room or 
two to their dwellings. 

Cities like Tlemcen, which 
lies close to the Moroccan 
frontier, appear m be doubling' 
in size. Most of the new build- 
ings are rather large and com- 
fortable looking private houses. 
Nor is the boom limited to the 
cities. Every village seems to 
be sprouting re-inforcing rods 
and concrete beams. Money, 


which had been stashed away in 
the later Boumediene years, is 
coming out and, in its wake, 
creating many new jobs. 

Building new towns inland 
and encouraging new Ira using 
and schools in the villages has 
the added advantage of stem- 
ming the exodus from rural 
areas. 

Tbe decision to encourage a 
large housing programme was 
taken three years ago but it 
was the earthquake which 
wrecked the city of El Assam 
in October 1980 -which brought 
the programme to life. A mas- 
sive operation was mounted to 
rebuild El . Asnam. now re- 
christened El Chelif and. by 
November 1981, 20,000 houses 
had been built - - 

There are a number of 
reasons for the small degree 
of British success. First. 4ts 
a lack of familiarity with the 
market — a feature reinforced 
by the belief of British officials 
in Algiers in. tbe middle 1970s 
that Algeria would soon be 
bankrupt Second, there is a 
feeling that profit margins in 
the country are too thin, if 
compared with what could be 
gained in Saudi Arabia and the 
Gulf. Third, there is a lack 
of drive and -organisation. 

The British authorities, both 
in London and on tbe ground ’in 
Algiers, have completely 
reversed their previous stance 
and, in tbe building sector, are 
prepared to match, in credit and 
other conditions, whatever 
terms other European and 
North Americas companies may 
offer to encourage their respec- 
tive companies. They are not 
alone in hoping for a greater 
British presence: so do the 
Algerian authorities. 


U.S. esqports to Algiers increase by 20% 


BY FRANCIS .GHILES 

U.S. EXPORTS to Algeria 
increased by 20 per bent during 
the first five months of this 
year, to $417m f 1245m) accord- 
ing to the latest statistics 
released by tbe UR. Department 
of Trade. 

Following the 32 per cent 
increase in U.S. exports last 
year, this could make Algeria a 
Slbn-a-year export market for 
the U.S. by the end of tbe cur- 
rent year. 

Exports to neighbouring 
Morocco are expanding even. 
faster. They doubled during the 
first five months of the year to 
$190.7m. Much of this increase 


was due to much larger than 
usual imports of U.S. wheat to 
compensate for the poor harvest 
last year which followed the 
worst drought the kingdom had 
known this century. 

The increase in U.S. exports 
to Algeria should help reduce 
the $43bn bilateral trade 
deficit notched up last year. The 
bulk of U.S. imports are 
accounted for by hydrocarbons, 
but, since last March, virtually 
no Algerian crude oil has been 
bought by TJ-S. companies. 

Sales of liquefied natural gas 
(LNG) condensates and lique- 
fied petroleum products (LFG), 


to the U.S. should earn Algeria's 
state oil and gas company, 
Sonatrach, $2bn or more in 1982. 

The principal U.S. exports to 
Algeria outside grain are made 
up of mechanical handling 
equipment, construction, mining 
and earth moving machinery, 
oil field equipment, electric 
power machinery, aircraft and 
data processing equipment. 

U.S. companies also hold 
many contracts for the con- 
struction and maintenance of 
LNG plants, pipelines, com- 
pressor factories and hydro- 
carbons exploration. 

The importance the U.S. 


attaches to this market is 
underlined by the. fact that 
three U.S. trade missions will 
visit Algeria before the end of 
the year, specialising in trans- 
port , construction and water 
resources. 

Tunisia only imported S87m 
worth of U.S. goods during the 
first five months of this year, 
a .little less than during the 
same period last year. 

But the launching of the 
Five-Year Economic Develop- 
ment Plan this autumn should 
help increase the flcjw of 
capital goods from the U.S. to 
Tunisia. - 




V$i 

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L.S. 

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Financial Times Wednesday August 25 19S2 






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In 1981 Mercedes-Benz introduced 
theEnergy Conceptbut it was an idea origi- 
nated by Mercedes-Benz engineers more 
than fifty years ago. 

In the late 20’s and early 30's the world 
first saw unusually large rises in the price of 

. i i » * — • — j-t— * — in icnft AAptifprlPS 1- 


.benz aeaueu lu Duuituui^ 

that day and age-design cars with a regard 

for fuel consumption. 

In 1931 they introduced what could be 
regarded as the first expression of the 
•Energy Concept: The Mercedes-Benz 170. 
It was not only one of the world's first cars 
Tsith swing-axles, it- also had an overdrive 
to lower engine speed by 30% and fuel con- 
sumption by 20%. 

193&The Diesel arrives. 

In 1936, despite other manufacturers? 

overwhelming preoccupation wmpeUol 

engines, Mercedes-Benz mtroduced the 
wond's first production car with a Diesel 
engine-the 260D. 

It was less greedy and likely to last 
longer than petrol-engined cars of theday 
Itbecame the foundation of the Mercedes- 
Benz reputation as the pre-eminent builder 
of Diesel cars. And in the 


Increased performance without a significant 
iroease in consumption. 



: ®foenew S-Class range, unveiled at 
i^lptikfLirt Motor Show in 1979, posseted 
aete^amic characteristics never before 


obtained in that size of car This was just one 
of the reasons why the fuel consumption 
figures were amazingly low 

It also had redesigned, light-alloy 
V-8 engines that increased performance 
while actually lowering fuel consumption 
significantly 

The'EnergyConcept’tookanother giant 
leap forward. Petrol kept going up in price. 

1980 . Higher performance 
on less fuel. 

This was the year Mercedes-Benz 
introduced the new four-cylinder engines for 
the 2 and 2.3 litre series. 

These short stroke engines, with cross- 
flow cylinder heads, attain their maximum 
torque at low engine speeds. In other words, 
they can be driven in high gear at low speeds 
with less engine stress. 

Engine noise was reduced and because 
fewer gear changes were required, there was 
• less stress on the driver too. 

And all the while, petrol was becoming 
even more expensive. 

The Mercedes-Benz 
'Energy Concept today: 

The challenge of the Eighties, for -all car 
manufacturers, is to . build vehicles that are 
even more fuel efficient 

The challenge for Mercedes-Benz is 

to make quality cars that are not only fuel 
efficient but also offer the high degree of 
safety and comfort that people have come 
to expect from the marque. 


IIIustatecfcThe 192S7£ufb2i38EIght-^^ 


This challenge has been met As you 
can see from this chart of fuel consumption 
figures, their frugality is impressive.However 
the character and integrity of the cars is still 

uncompromisingly Mercedes-Benz. 

1 Official Fuel Consumption Figures! Imperial mpg-Metric L/lOOkm 
i Urban 56m ph/90 km/h 75mpW120tan/h 


200 Saloon 
200T Estate 
230E Saloon 
23 CJCE Coup§ 

23 OTE Estate 
,2S0E Saloon 
2S0CE Coupe 
2S0TE Estate 
2S0SL Roadstetf Coupe 
3S0SL Roadster/CoupS 
50OSL Roadster/Coupd 
2S0SE Saloon 
3 SOSE Saloon 
3S0SEL Saloon 
3S0SEC Coupe 
500SE Saloon 
500SEL Saloon 
500SECCoupe 


I MR METRIC 

22.6 12.5 

225 12.6 

22.2 T2.7 

21.6 13.1 

21.6’ 13.1 

19.1 14.S 

19.1 14.8 

19.1 14.S 

19.1 14.8 

19.9 14.2 

18.2 15.6 

19.5 145 

203 13.9 

19.9 145 

203 13.9 

18.6 155 

15.6 155 

1&6 155 


METRIC 

9.9 

103 

9.6 

9.6 

9.6 
12.1 
12.1 
121 
120 
113 
113 

11.6 
108 
108 
108 
11.4 
11.4 
114. 


Nowhere is the Energy Concept better 
expressed than in the current S-Class. 

This car requires less energy to build, 
advanced alloys make its V-8 engines 
more frugal yet more powerful. Its famous 
aerodynamics not only aid fuel economy 
but also road holding and stability 

' Through the innovative use of special 
steels and aerospace plastics and alloys, the 
S-Class is not only lighter, but stronger and 
safer It has more seating room, improved 
visibility and a remarkably quietude. 

Ini 982 manymanufacturers /^p\ 
have an 'Energy Concept' / 1 \ 

The Mercedes-Benz Energy [ J 

Concept has been around for 

more than 50 years. v — / 

Engineered like no other car mthe world. 


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financial Times Wednesday - August f 25 I9g2 


Si 


UK NEWS 


BP Oil to close Belfast refinery 


BY OUR BELFAST CORRESPONDENT 


BP OIL, the UK refining and 
marketing ana of the BP group,, 
is to close its loss-making 
1 Belfast refinery-, the smallest of 
its three remaining . UK 
refineries. 

The company announced the 
decision in Belfast yesterday 
after several years of losses at 
the plant. Mr Ian Walker, chief 
executive of BP Oil. said that 
recent losses had. run at about 
£4ra a year. 

He pointed out there was a 
substantial and continuing sur- 
plus of capacity in the UK and 
Europe From larger and more 
sophisticated plants. 

More than 100 BP employees 
are likely- to .lose their jobs 

because of the closure.- which 
will also affect 90 workers em- 
ployed hy outside contractors, 
inducting 60 skilled staff from 


Harlaod and Wolff, the Belfast 
shipyard. But- BP Oil 
emphasised that it would con- 
tinue to employ 150 people in 
its marketing activities in. 
Northern Ireland, where it has 
more than 100 filling stations. 

Mr Walker said the decision 
to close the refinery was not a 
withdrawal from the' province, 
which was one of the areas 
where the company hoped to 
expand its sales activities. 

The Belfast refinery,- built in 
1964 at a cost then of £7ra, has 
a capacity of 1.5m tonnes of 
crude a year. For the past 18 
months, it has operated only 
intermittently and at minimum 
levels. It has not refined any 
products since May . and it will 
now be demolished before the 
end of the year. 


BP'$ remaining UK refineries 
are at Grangemouth in Scotland, 
with a capacity of 8.5m tonnes, 
and Llandarcy, south Wales, 
which can handle 5.2m tonnes. 

The company’s Isle of Grain 
refinery in Kent closed last 
month, lopping 10m tonnes off 
its annual refining' capacity. . . 

The Belfast closure will re- 
duce refining capacity in the 
UK to 113.5m tonnes compared 
with a product ’ market 
reckoned to be in a. range of 
66-70m tonnes. BP Oil ranks 
Third as a distributor after Shell 
and Esso. 

Mr Walker said:. "The losses 
we are making mean we can 
no longer afford to operate 
small-scale refineries which can- 
not compete in today's 
markets." The decision had 


been deferred, as king as pos- 
sible in the hope that some 
way might be found to operate 
profitably. 

• On a full current' cost 
accounting basis, BP- Oil made 
an operating loss of £126m in 
1981. In the first quarter of this' 
year it lost a further £24m. Mr 
Walker said the company fore- 
cast that even when t be reces- 
sion ended there was unlikely 
to he any dramatic upturn in UK 
demand for oil products. 

The Transport and General 
Workers Union, which repre- 
sents most of the employees at 
.the refinery,. will discuss redun- 
dancy terms with the company 
today. 

There is likely to be con-' 
sternation among Unionist poli- 
ticians, and others who detect a 


•growing withdrawal from the 
province of companies which 
have their headquarters in 
'Britain. 

Nick Garnett writes: Shell has 
abandoned the last site in its 
current onshore drilling pro- 
gramme, having failed to find 
oil in extractable quantities 
from the eight wells it has 
drilled. 

The company said yesterday 
that it had completed test drill- 
ing at Blacon, near Chester, and 
would be pulling out the well 
casing before restoring the site. 

Only Wytch Farm in Dorset 
produces -oil In sizeable quanti- 
ties on the UK mainland, 
although there are production 
wells in a number of other 
areas, especially within the East 
Midlands. 


Fewer 

Britons 

holidaying 

abroad 


Pressure to reflate 
likely to intensify 


JP 

ti’f 


BY JOHN HUNT 


By Arthur Sandies 


BY RICHARD JOHNS 

AN INTENSIFIED search by 
.British Gas Corporation for 
! bigger sources of natural gas is 
signified by. the appointment of 
a sixth managing director. 

The new post, announced 
yesterday, covering purchase, 
exploration arid development of 
natural gas. will be filled by Mr 
• Robert Evans, formerly chair- 
man of Midland Gas. His re-- 
sponsibilities also Include sub- 
stitutes and liquified natural 
gas. ... 

No official comment was avail- 
able -from the corporation about 
the strengthening of its execu- 
tive team.- Bur the new appoint- 
ment is generally seen as a move 
to. fortify BGC-in the face -of a 
government regarded by -it as 


very much less than sympa- 
thetic. 

The recently-passed ' OB and 
-Gas Act opened the' way for 
sales of gas by companies 
operating in the North Sea to 
third-party customers, thereby 
breaking BGC's quasi-monopoly. 

The corporation was also 
stung by the recent controver- 
sial order made by Mr Nigel 
Lawson. Secretary of State for 
Energy, to expedite the -sale of 
its interests in five North Sea 
fields. 

BGC has had discussions with 
at least six North Sea operators 
about the development of off- 
shore discoveries in the hope of 
preventing a shortfall of sup- 
plies by. the '1980s. • - - ' 


Mr Evans will also look after 
the corporation’s international 
consultancy services . . The cor- 
poration has confirmed that it 
is undertaking- a feasibility 
study on behalf of Dubai, one 
of* the United Arab Emirates, tq 
assess the extent and utilisation 
of the gas field discovered ear- 
lier this year by Atlantic Rich- 
field, 

Mr Evans Joins other manag- 
ing-directors responsible for fin- 
ance, marketing, production and 
supply/ personnel,, marketing, 
and economic affairs.' 

His career spans 30 years in 
the industry. A mechanical en- 
gineer by training, he joined 
the North Western Gas Board 
in 1950, 


CEGB favours Hinkley 
Point for next N-plant 


BY RICHARD JOHNS ‘ 


HINKLEY POINT, 


The proposed Hinkley C plant 


Bridgwater in Somerset is ex- would be the third in the com- 


peted to be named by the 
Central Electricity Generating 


plex near Bridgwater. The 
CEGB intends to proceed with 


Board as its preferred site for its construction after what it 


the next nuclear power station 
to be built 

An announcement by the 
CEGB listing three or* four 
choices for the location of the 
plant it hopes to construct over 
the next decade is to be made 
today, • 

New , generating capacity 


hopes will be a favourable con- 
clusion by the inquiry scheduled 
to start in January into, the 
safety of the controversial pres- 
surised water reactor to be built 
at Size well, Suffolk- 
The board’s expected choice 
of Hinkley as its favoured site 
comes after fierce opposition to 


covering the~S0Uth-wesf oT ffitT” tentative" moves to locate a 
country is considered the first plant at Luxulyan, Cornwall, 
priority because the region is' where a sit-in by protesters led 
most- vulnerable -to breakdown - to the suspension of explore- j 
in supplies. tory work. 1 


Study backs docklands airport 


British holiday-making over- 
seas has fallen between 5 and 
6 per cent numerically and as 
much as 8 per cent in cash, 
terms, according to PicJffords 
Travel, one of the largest 
travel agency chains. 

Mr Richard Gapper, manag- 
ing director, says this . is 
ominous news. know the 
effect this is having on my 
company and it reinforces the 
deep concern we have over 
the viabiBty of those retailers, 
large' and. small, less well 
equipped to face these diffi- 
cult trading conditions.” 

Pickfords- has 197 travel 
agency shops.’ These saw an 
early season fall In the amount 
of -money; people- were willing 
• to spend tm foreign holidays. 
From Easter toe figure fell 
from an average £173 per 
holiday to £165 In June. 

The figure rose as the year 
progressed* hot toe most 
recent average of £138 is still 
below ' the equivalent 1981 
figure of 

Mr Gapper'says the figure 
rose, partly because of a 
surge in . late bookings, 
“especially to Spain, which 
caused an unexpected short- 
age to availability and created i 
a spin-off demand for Greece ; 
and Italy.” - ' 

There has been a rush to 
** household name” tour 
companies. "I believe this 
reflects a desire on the part 
of holidaymakers for toe re- 
assurance of size and toe 
feeling of financial security 
associated - with the larger 
holiday companies,” says 
MrGappor.-' 


THE INCREASE in the August pares witb ll.l per cent a year 
unemployment' ..figures an- , earlier. Both -figures, were 
hounded yesterday is likely to . seasonally adjusted. and exclude 
put more peessure on tire . '.^pel-leavers, ■ 

Government lo introduce a. re- r Ip the. past -yepr the fastest 
flafioriary package as -part of rise io. unemployment as a pro»- 
the Chancellor’s economic re- -.portion of toe . working popula- 
Yiew in November. - • -turn ; -has been in Northern 

; The figures showed a rise to Jg 3 per .? at t0 


nearly 3.3m unemployed - They . 

win iniensdfv the strwsile to ..On me anamlano, the North 


will intensify toe streegle to/ ma^ano, tnejlprth 

tire Tory Parly between toe ™- Northwest tad: increases 
“wets” arid those wfco want ■••P** 4*® j These two 


the Government to stick to: its *tr&dy bad- toe highest 


original poll tries. _ 


proportion': out - of work. 


There is Jifcety to' be a strong next fastest increases were In 
dash when toe economy is de- East An^la ; apd toe West Mid- 


bated at toe party's annual con- 
ference in October. There could 


lands. - - V v -.- 
Lower toad- average, rqtes of 


also be a fierce debate when increase were recorded in Scot- 
toe ‘ Conservative backbench land, with, an increase, of 1 per 
finance committee meets - on. cent’ of .-toe . workforce . on toe 
October 19, too day. after .the: register, and the East Midlands 
Commons resumes ' for toe. -with _L1 per.cent 
autumn spin-over. ' . John Lloyd writes: Hie Insti- 

Mr Jim Lester; Conservative ?“ te - °i 
MP for. Bees ton, and former : a -lO-'P omt. P* 31 * to aid 

Junior Employment Minister,! Goverrajent in combating 
said toe rise in- urierimtoysivenit unemployment , - 

was r& iHTfe- ■ tt indudeff a caU to abolish 
Geoffiroy Hbwe to anoonnee-iu . develop, 

toe autixm toatt be Government -meat of you to training 'soiemes 


would . abolish toe - employers*, to accommodate the balf-mglion 
National Insurance sttrcfaaEge,- sehooWeavera _ in 19S3-8+ 


raise tai tfcresbbotds, giv* rate relaxed restrictions on trading 
relief to industry ..and com- hours, afldau end to rettt-fixms 


inerce, and introduce furtoer .through rent officers and tri- 
measures to help toe -long-term buaals. so encouraging mobility. 


unemployed. 


Mr Walter Goldsmith. 


Max Wilkinson writes: The Institute's director general said 
underlying unemployment figure toe' Government's achievement* 


in August reached a record -of In lowering inflation and 
2087m; 12.5 per cent of the interest rates * must not be 


working population. This com- -thrown away.' 


UNEMPLOYMENT 


f AUGUST 


BT LYNTON McLAIN 


The development corporation 
is to seek the opinions of the 


AN AIRPORT in the disused the feasibility of inner city The development corporation 
dockslands of east London could flights. is to seek the opinions of the 

capture a “significant proper- The development of the Royal local people before taking 
lion of inter-city business pas- Docks on the north hank of the farther action on the proposal, 
sengers. according to a study Thames opposite Woolwich ’is It intends to make a formal 
published yesterday. extremely important lo the Lon- planning application in 


GLC to spend £100,000 
on transport survey 


Outlook gloomy 


BY HAZEL DUFFY, TRANSPORT CORRESPONDENT 


The development of the Royal local people before, taking 
Docks on the north bank of the farther action on the proposal. 


THE Greater London Council unhappy about the proposed 


published yesterday. 


The study was commissioned don Borough of Newham and lo 


planning application in 
October if there is wide sup- 


plans to spend nearly £100,000 legislation, which will intro: 
on consulting Londoners on the duce a degree . of Government 


by the London Docklands De- . the whole of docklands,” Mr port for an airport 


future of London Transport. It 
will distribute- .100,000 leaflets 


control over lares, in cities. 
Reserve powers enabling the 


veiopment Corporation from the Reg Ward, the chief executive of A final decision could 


to organisations with an interest Department of Transport to 


Economic and Planning Trans- 
port group of independent con- 
sultants. It follows a proposal 
from Bryinon Airways and John 
Mowlezn, ci vjJ engineers, .for a 
" short take-off and landing air- 
port” In the former Royal 
Docks, six miles from the City 
of London. 

Brymoq Airways, the inde- 
pendent West Country airline, 
flew one of its de Havilland 
Dash 7 short lake-off and land- 


in public transport and also take control of London Trans- 


THE economic, outlook for 
Scotland 2s not encouraging, 
according to a qnaztly eco- 
nomic forecast- from toe 
FraseT of AUander Institute 
at tlie University of Strath- 
ctyde. I 

Comparing 1981 with 1980, 
output, in Scotland fell by 
53 per cent compared with 
6.7 'per cent ln toe UK as a 
whole. 




- ~ ‘ jets ' - ■ •v’’ 




Vi-:--! re- 





development corporation taken, before the end of the pljms ^ independent pubite- port away from the GLC will 


said yesterday. • • - 

Options were examined- for 
services provided by helicopters. 


year, Mr Ward said. 

The Joint Docklands Action 


opinion polL 

The leaflets: explain five dif- 


airships and short take-off and m unity groups, trades councils, 
landing aircraft. Airships, were tenants associations and trades 


Group, representing com- feremt approaches to toe financ- 


also be included in toe Bill 
The GLC will forward toe 
results of its survey to Mr David 


ing of London Transport, rang- Howell, Transport Secretary, 


considered an “unlikely possi- unions in toe area, said it was 
bility” in. the short term, - the.. not convinced an airport could 


ing^ from thb “ break even 1 


month. 


Labour- 


report S3 L(I. • — ' 

Short lake-off .aircraft had a 
“significant ' advantage” over 
helicopters in providing aviation 
facilities for passengers and 


regenerate toe docklands area.-* - original “Fares Fair” policy. 

• The- group • was. sceptical The effects on ' services, 
about claims by the develop- .employment,- fares,- and rates 
ment corporation that between are listed and Londoners we 
4.200 jobs and. 5.000 jobs could invited -to state, their preference 


interpretation put on toe Law controlled council has already 
Lords' decision to the GLCs made it clear, however, that It 


would prefer a return to the 
“ Fares Fair ” approach. 

The leaflet says fares is 1987 


It noted that toe percentage 
of companies working below 
capacity increased from 71 to 
75 per cent 

The institute did record a 
slight improvement in labour 
demand. Short-time working 
dipped sharply while . the 
number on - overtime . regi- 
stered a small increase. ' 





C.lli. >■] 


m§rn ®VT® 


iMHBunsi 



Seasasally adjusted 




ing aircraft from a docklands freight. Helicopters were more be .created by the airport by -on a postage-paid teat-off card. 


are listed and Londoners we would be 65 per cent below 
invited -to state, their preference' those today if this approach was 


Rebates to rise 


wharf in June to demonstrate obtrusive environmentally. 


implemented. ' Bus services 
would be unproved by 13 per 


w 



BALANCE OF TRADE 





Exports 

Imports 

Oil 

Exports 

Imports 

THE 


£m seasonally adjusted 

balance • 

Volume seasonally adjusted 

ment 




£m 

1975=100 


tion 

1980 

47,396 

460H 

+273 

128.0 

119.1 - 

over 

1981 

na. 

. 48,087 

ni 

Tua. 

119.1 - 

main 

1981 2nd qtr. 

12032 

11,121 

+897 

• 125J5 

114i 

v.’i the 

3rd qtr. 

IU. 

13,506 

na. 

. na. 

T32.0 


4th qtr. 

13,858 

13J68 

+698 

132.0 

12SJ7 


1982 1st qtr. 

13077 

• 12,921 

+707 

1250 

122.7 

Th- 

2nd qtr. 

13,831 

13,748 

+923 

1310 

130.6 


1981 July 

M. 

4O07 

na. 

na. 

126.9. 


--- -- August 

iu. 

4,784 

na. 

na. 

142.1' 


September 

4.473 

4,415 

+291 

1290 

126.9 


October 

4,652 

4050 

+ 74 

1360 

1210 


November 

4J45 

4,792 

+205 

130.1 

135.5 


December 

4,641 

4026 

+419 

130.0 

120.6 


1982 January 

4066 

4069 

+ 187 

1190 

123 J. 


February 

4,422 

4034 

+289 

1240 

120J 

accus 

March 

4.589 

4018 

+231 

• 132.7 

1240 

dores 

April 

4,731 

4,507 

+419 

- 7340 « 

129.4 

incur 

May 

4,625 

4,740 . 

+327 

132.9 

135.6 ; 

the c 

June 

■M75 

'4,482 

+ 177 

127.1 

126.1 

In 

July 

4^4 6 

4 080 

+401 

125.7 

1240 

— — - 

THE VOLUME 

of Britain's 

exports between 

the -two 

The volume of non-oil im- 


ducted as toe Government pre- cent and Underground services 
pares legislation for toe new by 6 per cent 


session of Parliament on sub- 
sidy guidelines for toe metro- 
politan authorities, including 


The cost to the ratepayer is 
estimated at an average of 52p 
a week with Government sup- 


the GLC. The authorities are port and £lB5p without it 


Scottish hank group 
to integrate operations 


BY WILL! AM HALL. BANKING CORRESPONDENT 


THE Royal . Bank of Scotland with the Royal Bank's data pro 
Group. which controls the big- cessing operation and his task 


ABOUT 3m people wQl bene- 
fit from Increases in rent 
rebates, rent allowances and 
rate rebates, to be made in 
November. 

The increases, subject to 
Parliamentary approval, win 
mean that a. tenant with a 
wife and tyro . children In 
school paying rent of £13.72 
and- rates of .£5.15 per week, 
with earnings of £96, wfll get 
rebates of £15.21 against 
£11.83 at present 

The .Environment Depart- 
ment said: “The changes will 
benefit all. recipients; especi- 
ally those on low earnings." 


OBITUARY 


Mr Angus Murray 


gest bank in Scotland and the will be to harmonise toe com- Asbestos limit cut 

fifth biggest English clearing puter operations of toe two 

bank,.is to integrate the opera- banks to avoid duplication of T!,e Government's H 
tlons of the two banks more facilities. awI Safety Commission 

closely.. specific responsibilities halve the amount of asl 

Mr Bert McKtow of the Royal will be to provide -a full eleo- • l * ast “V°'! e ?,J n ^ f *? ories 


Bank of Scotland, has been txonlc data processing (EDP) 
appointed managing director of service for both banks; provide 


exports appears to have been 
declining in the last six 
months, while the volume of 
imports has risen. Seasonally , 
adjusted, the balance of pay-' 
monts figures show a fall of 
1} per cent in the volume of 


three-month periods February 
to April and May to July. 

Excluding trade in oil and 
erratic items, the picture re- 
mains broadly the same. The 
volume of imports rose 11 per 
rent while the volume ex- 
ports fell 1 per cent. 


ports in the tifree months to 
July was some 8 per cent 
above the 1981 level. 13 per 
cent above the 1980 level. 

Non-oil exports were about 
1 per cent lower in the three 
months to July than the 1980 
average. 


a new group company which will a corporate plan covering - com- 
develop and Integrate the com- puter developments for toe 


puter systems of. the two groups, group and the two banks; and 
and Mr Geoffrey Naylor, of Wil- prepare capital spending plans 


Hams and Glyn’s Bank, has been 
appointed group marketing 


for the group’s EDP systems. 

A new group services com- 


adviser, and will be responsible pany headed by Mr McKim, 54, 
for developing joint marketing will he formed and start operat- 


activities. 

Mr Sidney Procter, appointed 


ing in early October. 

Mr Naylor, 56, is to relinquish 


erouo chief executive In Feb- bis responsibilities as head of 

i 3. .i ■ __ Tmili.n. V.- nimt's 


niary. said yesterday that since 
the merger of Williams and 


Williams &■ Glyn’s marketing 
operations and take charge of 


The Government's Health 
and Safety Commission is to 
halve toe amount of asbestos 
dust allowed in factories. The 
new legal limit is now one 

fibre of -asbestos per -cubic 

centimetre of air. The 
decision will he formally 
announced by the commission 
in a few days, and is likely 
to be imposed from the begin- 
ning of next year. 

The commission’s decision 
follows toe recent , controver- 
sial television documentary 
about an alleged asbestos dust 
victim, “Alice— a Fight for 
Life.” 


MR ANGUS MURRAY, chair- 
man of Redman Heenan Inter- 
national and a well-known 
figure in industry, died on 
Monday following a short ill- 
ness. He was 63 . . . 

Mr Murray had been closely 
Involved with Redman Heenan 
since 1971, and was also chair- 
man of-Candover Investments; 
management buy-oul specialists. 
In 1978 he was brought in by 
the National Enterprise Board . 
as chairman of Fairey Holdings. 
He remained In this position 
until Fairey was sold to Doulton 
(part of the S. Pearson group 1, 
when he became deputy chair- 
man of FMtey and joined the 
board of Doulton. • 

He held several other direc- 
torships, . ..and .. .committee 
appointments- at bodies such as 
Institute of Directors and the 


Engineering Employers' Federa- 
tion. He was a great advocate 
■ of increased professional ism in 
management and a strong pro- 
tagonist of the' vital role played 
by' ' T - independent outside 
directors. 

He was bora in Scotland, and 
graduated in 'mechanical engin- 
eering from Glasgow University 
after a distinguished war 
career with ' the Royal 
Engineers. 

After graduating, he joined 
the P-E Consulting group, 
where he spent nine years on 
a variety of assignments. In 
1970 he was Invited to join the 
team of industrial adviser' 
headed by Sir Ian Morrow at 
Hambros Bank which led him 
to Redman Heenan . in 1971. 

He leaves a widow and two 
sons. 


OBITUARY 


Sir Lawrence Robson 


Glyn’s and toe Royal Bank of the group marketing effort. VideOreCOrders 


Scotland in 1969-70 the two The Royal Bank of Scotland 


-banks have been operating as Group came in for considerable 


two- • ■ •• ’“virtually autonomous 

units.” 

The two -appointments to the 


criticism last- year while it was 
on the receiving end of rival 
£500m takeover bids by S tan- 


group’s small headquarters staff dard Chartered Bank and the 
are -toe -“first major. step in get- Hongkong & Shanghai Banking 


ting toe two banks on to a- con- Corporation. Both bids were re- 


Announces^ thatthe following interest rates will. apply 
to investment accounts from 1 Septemberl 982 


verging eourse and integrating jected by the Government ear-- 

tCir matknJ. ” U. • 1S__ .Vi, ' ._J .UiWfll 


their working methods,” said Mr 
•Procter. • 

- Mr McKim has spent 22 years 


lier this year and the -Royal 
Bank of Scotland Group has 
had to reshape its strategy. - 


BECAUSE of a printing: error 

toe article on videorecorders 
on Page 1 of yesterday's' 
Financial Times said incor- 
rectly that deliveries of video- 
recorders to the UK trade in 
the first six' months of* the 
year compared with fhe same 
period in 1981 had risen by' 
23.5 per cent The correct 
percentage is 135 per cent 


SIR LAWRENCE ROBSON, a 
former president of the Liberal 
Party, died yesterday at his. 
home, Kiddington Hall, near 
Woodstock in Oxfordshire. He 
was 78. 

Sir .Lawrence was a .senior 
partner for many years whir 
Robson Rhodes, toe interna- 
tional firm of accountants. 

He was' kxughted in the 
Queen’s birthday honours in' 
June. Baroness Robson, whom 
he married in 1940, .was made 
a life peer in 1974. Sir 


Lawrence leaves a son and two 
daughters. ' 

. ■ He served as president of the 
Institute of Costs and Works 
Accountants, as a member of 
Lloyds, and of the Council of 
■the . Institute . ' of Chartered 
Accountants. 

- Sir Lawrence had extensive 
business interests. ' In 1977, he 
made an' interest free loan of 
£50,000 ' to the struggling 
National- Liberal . Club to help 
preserve it as the headquarters 
of too Liberal Party organisa- 
tion. - 


GmMEqufnfanttt 
flwbafcrstaot - 
(M . . Inoguta lax 0130% * 


Ordinary Share Accounts 
Subscription Share Accounts 


7i75%11.07% 


9.00% 12.86% 


A balm for sore noses and company sales 

SnS Nick Garnett on a manufacturing chemist’s product strategy 


Capital Bonds 18th Issue 
(minimum £500) 


9.25%13J21% 


Bonus Account 

(minimum £500) 


Deposit Accounts 


8.75% 1250% 
7.50% 10.71% 


The rate of interest on aU existing Capital Bonds will be reduced 
by1%froml September198£Thegwaranteedextrainterest 
paid on all existing Capital Bonds continues unchanged. 


Head Office New Oxford Housa, High Hribixn.LcaTdtfliWCiV6PW 


IF YOU' ARE running a small 
company in a complex product 
market dominated by big com- 
panies, what must you manufac- 
ture to make the best return on 
capital? 

' In this case the- market is the 
not particularly, attractive- one 
of aching feet sore noses and 
skin ■ rashes. ' . The question has 
been addressed by J. Pickles and . 
■ Sons' .which- employs 50 people 
in the. North; Yorkshire town of 
Knaresborough largely ' to make 
and-, sell. the', company’s own 
branded 7 pharmaceutical priy 
ducts. . — . 

•“ We -try arid .gol, for .big - sales 
in small, niches,” says Mr- Simon 
Horner, , the managing director. 

“ We don’t go' for small sales in • 
big, broad product' areas.” 

■ The reqent launching of a 
creain. for. noses made raw by a 
heavy, cold is one -element of. 
the company’s strategy for Its 
products; which include creams 
used on virtually' every part of 


the body from toes to scalps. It 
underlines the fact that even in 
the unpleasant world of spots 
and verrucas, you must have a 
product strategy. 

J. Pickles's turnover- has risen 
in the past year fronr £840,000 
to_ £lm, sales are up by almost 
a quarter this .year, and it has 
snatched a .few big export 
' orders from the’ Middle East 
within the past'two years; 

; Out of its 37 brands, ks .most ‘ 
lucrative are. those geared to 
rather restricted ailments where 

the • big manufacturing 

chemists generally have less 
opportunity for cornering toe 
market with' a bfg .brand name. 

Nevertheless, toe- -company 
still sells general product lines 
like rubbing' creams, party be- 
cause it is small enough to 
manufacture goods whose ..con- 
tribution to total turnover is 
relatively insignificant.' 


The importance of tiny mar- 
ket niches to small companies 
tike J. Pickles was brought 
home to toe company by toe 
fate of two of its products. One 
was a general antiseptic cream, 
to compete mainly -with ICTs 
Savlon. Despite a lower price, 
toe Pickles product did badly. 
“ We sell damn all ,. of it 
People just pass It over and 
ask for Savlon,” says ' Mr 

Homer. 

: A similar fate befell J. 
Pickles’s stab at users of lip- 
salve. The company once sold 
its - Liptrex . . and . Upgarde 
brands at the rate of 25,000 
dozen a year.- But there is now 
such a proliferation of lipsalve 
brands that it has swamped the ■ 
Pickles products and virtually 
killed off that market for such 
a small company, ■ ■ 

Mr Horner points to more 
tightly marketed products as 


its main profit spinners. These 
include ointment plasters and 
corn rings for verrucas, a baif- 
strerigth vapour rub for babies 
called Snuffle Babe, a cream for 
chapped bands and a medica- 
ment Jor -scurf -patches on 
babies’ heads. The biggest 
dice of its turnover stili- comes - 
from Pickles Ointment for. 
corns and hard, skin. 

The company's export per- 
formance to some extent- -stands 
out at variance with home. sales. 
Last year it picked up exports of 
£177.006. mainly to the Middle 
East. These .were largely based 
on more generalised products— 
oinknent- for- babies' skin, and 
oitment for babies’ skin; and 
300,000 phials of tooth tincture. 

That reflects the - level of buy- 
ing sophistication in some export 
markets but, in line, with J. 
Pickles’s own view of what the 
company should be concentrat- 


ing on, these sales generate a 

relatively low profit. 

Tt also shows what a tiny com- 
pany can do in the export field 
Pickles has a ' small UK sales 
■team, but- its exports have 
.essentially been gained through 
toe simple expedient of sending 
letters, to ' potential foreign 
buyers, the leads to which are 
normally supplied by toe British 
• Overseas Trade Board and other 
UK-baked trade organisations. 


■$? HELP US LEAD 
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LEUKAEMIA 

RESEARCRRJND 


« Great Ormond StiHV 
London, WCIN SIL 
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. . Financial Times Wednesday August 25 1982 

UK NEWS 

Glasshouse companies Press Council and TUC Health workers plan 

face heavy pruning agree over com plaint s f° r national rally 

RF ins» *» ** ° ° * BY IVO DAWNAY. LABOUR STAFF 

s irthf “r *ss it aariLsrv'E ; Br ioh * lLoto * ® iT0R '■■■■■ - ; ™ for . »m ra« y <* >». *«»« ** 

ritish growers. lfcre. cooMernlUiig ’ duUa 2e? pto Stf/e L S SIGNIFICANT d«„ g «_i„ a* feting between them m NUJ the IOJ' s one, rather than four “™“ d 7*' n a a " ^ 

A large section of the in- would be preferable to govern- moved. Mr Leggott admits UK * the Press Council officials may be arranged later, and tw as. at present health* seiS5e committee which Son Hkeli to be atom by 

istry is claimed to be on the ment aid. ■ growers are -nothing like as -lauding exerting pressure _ Mr Evans said yesterday that The TUC memorandum notes »«• ? 1 g y 


LABOUR 






T5S, h? 3 n,? a ? Sh ? f * eason last y ear - would welcome such remain a thoni in a the side 
SS+Sh Iast f0r maDy an estension - However, he be- of the. UK industry even if their 

Oiiusu growers. lieves countervailing duties fuel price advantage is re- 


Press Council and TUC 
agree over complaints 


dustry is claimed to be on die ment aid. ■ growers are “ nothing like as 

brink of bankruptcy, as growers Apologists for the Dutch argue well organised " . as the Dutch, 


on newspapers to publish. com-, the TUC had won substantial that the council had dealt with n,cets tomorrow to discuss ihe other workers. 


ivy, as growers ^yuivgiaia iur uic uuiui argue wcji orgamsea ■ . as me uuicn, , . 7 — — . v n«u wu »«■•***— — - _. vt :. c f«,ir.mranth 

face what they believe is unfair that higher labour costs in the whose glasshouse sector is more £ lau,ts more prommently-bave concessions from the council in 12 complaints from trade ™ L™* ii Jr rent 

competition from the Dutch. Netherlands cancel the fuel efficient, both in production and . * een ®F eed ln „ pnwnrte^be- talks over the past year. unionists in the period since “mpaign ior a u per cent pay 

“ The situation is very soil- Price advantage, but Mr Leggort marketing. tween tile counci] and the TUC. These include: the NUJ left it. aod had upheld • . .. 

°. us " "** Mr Lit .cSUm dismiss Ms ■ " ««,- The * rioritv of “ • An-n t by to n «5* ‘feJSF 2 *Sf J&STLJLMVS 


wt stage in its rour-raontn options for consideration trill 
mpaign for a 12 per cent pay include further one, three or 
4 t „ . five day perinds nf intensified 

The outcome of the talks is industrial action. However, the 


asking 


already gone out of produc- acres. But the viability of this . - .--‘L. • . - ujaae oy xne ua., . — — — »• — - ■; — «u- 'nTr* iminne s*»*v,i«w m udynicm mine 

tion.’* ^ canadtv is reported to be under coura » ed a disciplined and co- The NUJ left , the Press • Agreement to codify its as the Press Council is. it does a settlement, the TUC unions ^UPE - uts par bill 

Mr Cummings expects more SSSSm «Sm ai Sw operative approach in the council two year* ago. com- statement of principles and the w-w-.—. N 3 „«n a i Hw ith s™ '■ P -“ - pa ‘ ° U ‘ 

ufivZTxS* .USE? whra fa^ failure * «"■“* ftat il was whoUy standards expected from news- 

operators who have seen their “Many would sell out if they d detenninedIy “effective. The TUC has papere in a single, accessible 

cash reserves whittled away could find buyers," says Mr written to the NUJ asking it to volume. 

find they cannot raise the capi- Donald Frampton. managing SdiSS4 tak ? “S 1 ^* eals . on the council B Agreement to speed up the 

tal for heating requirements, director of Frampton’s Nur- StS .11^ wSSffi a view to^discuss- adjudication procedure. 

The immediate problem for series of Chichester. The com- JJiJf “ e .?Jr th . . mg further, reform of the Press The council has also said it 

the industry is that Dutch grow- pany sold two nurseries last a »de composition of the council j s willing to discuss the comi 

era pay far less for heating fuel year and put another on the sa [f R “f^fpn ti^sSemarkeS and see ^ ,n ^ t0 f°“ nci1 Position of the Press represea- 

than the British. Their subsi- market this year. But there Kan * more effective in its work.’ tation on it, provided the NUJ 

dised fuel prices, which are were no takers. tnmitnps fna b£ - '3 *n«norati*Hn from the rejoins. . 


iciring to calls for industrial A longstanding raJJ from 
tion. NUPE for an all-out indefinite 

If the offers are accepted, sub- stoppage remains unlikely to 


The NUJ thinks the council management. H ^ , 

is unrefonnabie. It is likely to Two schemes for national «r Kenneth Clarke. 


ruled illegal by the European ^unoiie 

Higher fnel subsidies for -mm. 
of Dutch industry in April next the Dutch are forcing UR M. rlli 
K t o«?;^^. hew ' n powers to tbe wall. •Bnw.n... 


Wan selline vegetables. rnu * - w ?. . tation on it, provided the NUJ show s-moathv" for the reoort rallies in London are certain Health Minister, yesterday 

dised fuel prices, which are were no takers. pJLrianv tomatoes in a biff m ^ rTlora tidiim from the rejoins. . 0 e _ c^^isson of inouirv into ro be debated bv the TUC charmed his tack in an appeal 

claimed to give them a £10.000 The stahility of the industry's Brt tish Sowers werf T ^ d,a working group to * Press representatives, includ- SSSmS m M?S!f S! unions m NHS workers to call off their 

over^I acreage masks changes SS^rTSL? eSJs P general MS S S«S?S K BuT*while the National Union action ■ 

" — tihuous supplies. So the super- SSrtary 5 the TnSnSrt^iSl r ^ Press Freedom and .chaired hy of public Employees and the n ,g i “™ in ? ll the r 

markets turned to the Dutch *r Geoffrey Robertson, a bar- Association of Scientific Tech- P*«" to the Gmernm cnt» 


ler- 5 ttio t5So£?SS f nd 2 - 000 ' t °- Prek Freedom and .chaired hy of Public Employees and the Contrasting the NHS cam- 

itch SeneMlVorkeK^SJ^^iiS of ’ Iourna - Mr Geoffrey Robertson, a bar- Association of Scientific Tech- P«CT to the Government!, 

S?yr JS2 ^i.SL^E lists take 14 of the 18 seats rister . ' This report is nearly n ical and Managerial Staffs may ^Ule to reduce inflation and 

the Brendao Barber, the available to the Press— with a comolete ore** for i one^lnv midweek unemploymenu he claimed that 

toe Titr’cf iiirsMnr r.t r.._. . — .r. turn pi i* e. ■ pres? tor a one-uaj miawccM . __j , h _ r*!--- 


: sh*g£X£ lip sSStSxJ SksS BifgiS 


dnee May last year a special 


greater co-operation on marke 
tng. transport and purchasing. 


executive committee. 


bj 5 annual fuel bill And many growers are opting the cooperative marketing’ 

at *rr~ ,00 P: _? ?_P y s “ e “Sure f 0 r later crops to reduce heat- system — Hedon Growers is a 
would be £1S0, 000 lower, at cur- jng- costs and avoid head-on member of East Coast Salads, 
rent Dutch prices, the disparity competition with Dutch imports, a. 15-member co-op with a £3.5m 
is hardly dented by the £27,000 This has been particularly annual turnover. There are 
the company receives in govern- apparent in the tomato sector, many other such groups but 
men t fu el aid, which is given Low tomato prices earlier in still too few British growers 
by permission ot the EEC Com- the season were dne mainly to have joined to enable the vn'- 
Hussion. a 12 per cent increase jn Dutch dustry to speak with a single 

The aid is due to end this sendings compared with last voice, Mr Leggott says, 
year unless Mr Peter Walker, year. However, these have The UK industry is unlikely 
Agriculture Minister, can per- eased and the current depres- to win the sort of government 
suade the commission to allow sion owes more to larger “cold backing the Dutch receive un- 
an extension. There seems little house" crops plus the usual til this happens. But Mr 
reason why this should be re- back garden crops. Leggott fears Britain will soon 


, 7. INU . na 7 lour tr> be a demolition job" on maximum sympalhv support 

mi* ^ P rL1 vacant s, nce I9S0. the council. It relies heavily f ron , unions outside the NHS. a ma)or ,. 1>an - ,n . cr rating th. 
The TUC persuaded the on evidence from a large num- others arc "seckin ga weekend cu [f rnT p «“#>niir crisis, 

uncii to agree to a discussion ber of complainants to the coun- marc h and rally in Trafalgar .However Mr Albert Spaa-, 

tween the Press representa- cil who. even when a adjudica- smmre E wick. Cohse s general swetoty. 

es on a recamng of their tion went in their favour and ^tuC* officials are believed to d,smisp ? d ® s 

presentation. Specifically, it was published, felt the measure f ‘ the Scond S which abrra,st .™ bbwh * J The J2/^ 

s pressed the view that the of redress achieved was in- * av °. u 1 r , Tfie second plan wmen executive is to meet on Friday 

LJJ should take eight seats to adequate would alow the maximum mob i- t0 discuss tactics in the dispute. 

* lisation of off-duty staff and £ Cleveland ambulancemen 

— — the possible participation of the voted yesterday tn reject a five- 

___ 9 RCN and other non-TUC affi- point peace plan aimed at 

Directors demand wider "»LwSat mM» S*. 

_ m trial relations officer, confirmed compromise deal which insisted 

romrmc ITl nnnlio confnr last n, Sht that a weekend rally that dnvers must cross picket , 

IClUllilij 111 U U 1/11 C avLIUi could win the backing of the tines automatically in cases 

urniiBuwHiB eimwi/ College. “But we would not deemed to be emergencies. 


mm union uirectors demand wider fit \--i ss:*cn mdus 

_ trial relations officer, confirmed 

to ballot reforms in public sector could win the backing of the 

BY OUR LABOUR EDITOR Sow" Vr ^mYers'Tn" ta^e 

meiTl 001 1 S on T7JE gov BBNMENT is under Ihe decentralisation plans or the industrial action." she said. 

^ . *** pressure to widen the scope of proposal to enforce adherence to a midweek rallv and national 


arbitration 


- — - — — «„ h,.;j i Cf^tr uihujis HI uic jauuul sKLior. i re sucurio UI inehe proposals 

xuseff- Humid weather has aggra- have no horticulture industiy . oavm Gooanart, uaoour son The Institule of nirectors. was mooted in the I960 Green 

Mr Leggott. whose company vated the problem by bringing worth reorganising unless it THE MAIN banking union is which has acted as a loyal and Paper on Union Immunities 
bad a turnover of £1.4m from crops on earlier. gets more government help and planning to ballot its 1.400 sometimes influential pressure and was thought to present too 


tullUK allow our members to take A strike by Derbyshire 

THE GOVERNMENT is under the decentralisation plans or the industrial action." she said. ambulance driver; continued 

pressure to widen the scope of proposal to enforce adherence to a midweek rally and national yesterday after management 

iLs forthcoming Green Paper on procedure as part of the Green onoday strike is 'certain to be proposals on unsocial hours 

trade union reform to include Paper due out by the end of favoured by tbe more militant payments were rejected, 

proposals to limit the power of this year. 

unions in the public sector. The second of these proposals 


the 8m cucumbers it produced The Dutch seem destined to protection. 


Biscuit factory to close 
with loss of 440 jobs 


by james McDonald 

BURTON’S Gold Medal Biscuits; Blackpool, 
part of tbe Associated British Ettinburgh. 
Foods group and the third ..... Fj^ducti < 
largest biscuit producer in the T^nta 


Idantaraam 


Goldman Sachs 
buys London 
merchant bank 

Rnanciai Times Reporter 


Liverpool dockers accept 

members in Standard Chartered group on government, has sul> many problems for practical 

Bank on whether to take indus- mined a memorandum to Mr implementation. i-nT4> vAnp ■tto’Rr rlnnl 

trial action in a dispute with Norman Tebbit, Employment The government is likely to IWl/'Y tJdf [idy (IvdJL 
the bank over arbitration pro- Secretary, arguing that public be sympathetic to decentralisa- * a. 

cedures. sector monopoly unionism is the tion of bargaining in the public BY OUR LABOUR STAFF 

JF!* B SSS f i } t SS^ »J2S JM : !t crudal arM for )e ^is3 atJve sector— it has already largely THE THREAT of an unofficial pies and stretching gangs in 
5?“iSi U JViSSi * b a nd aC ?° n ' .. , . . - - happened in the British Steel strike halting the Port of other areas. The port is not 

Standard Chartered and It proposes that bargaining in Corporation and is being Liverpool was averted yester- looking for further redundan- 

Ba relays International, who nationalised industries and ser- instituted throughout the dav when the 2.500 dockers cies foUowing a cut in tbe 


BY OUR LABOUR STAFF 


Standard Chartered 


T, T„„_ ,„kn 7 , ,, , . . . , “ v *l J^rlVei UUUl V JS 4 VCJ 1 CU JUUIUUf. IW 

Bardays taternation^ who nationalised industries and ser- instituted throughout the day when the 2.500 dockers cies foUowing a cut in tbe 

have given notice that they will vices together with their National Water Council— but it voted by a substantial majority workforce of 1.500 over the 

°L sees it as inappropriate for the t o accept a wo-yearmy and past two years. _ , _ 


group and ihe thinl Production would , be moved Ifndon merchant banking arm 

uLit nminwr in ti,® to fbe factories at Blackpool Pf First National .Bank in 
biscuit producer in the DaUas. has been sold to Gold- 


FIRST DALLAS Ltd, tbp y esr from agreements which decentralised as far as possible. Green Paper. 

Tnnrtnn mprrhanf arm ...ii.i.v, ■ , . _ , _ X . 


give either side unilateral so that reginai or local units This is likely to confine itself months of negotiation. 


access to arbitration. 


and Uantarnam where produc- DaUas. has been sold to Gold- Mr Steve Gamble, Bifu's businesses. 

. ... . _ _ Z 7 T C irn'Oclmant ■.« — I ■ m V n 


■ as possible. Green Paper. productivity deal after four Mr KeUy said yesterday: 

local units This is likely to confine itself months of negotiation. “There is no doubt that the 

independent to a discussion of unions' Mr Denis Kelly, chairman of Government intends some ports 
internal procedures for electing the Mersey Port shop stewards, must close and we have to en- 


UK. pians to close .ft. M tion facilities would" be ex- Sachs, U.S. investment a/sistant secret^-, saidyester. The lo.D sees decentralisation officials ^roL^ools^s." 

factory with the loss of 440 ponded to meet the increased bank. ! dav he was confident that the as an lmnrnvemenr on cen- ~ — - . m . ir. 


Production is to be volume. 


day he was confident that the as an improvement on cen- 


It has been dropped from the Bjf» executive would endorse tralised bargaining, but Jess 


moved to other Burton plants. “With the three factories Bank of England's list of recog- the call for a ballot next desirable than privatisation. v , r „| x< 

Tbe company said yesterday remaining and the modernisa- 'b**ed banks and added to its Tuesday and that the Standard However, short of large scale ®»Op Stewards DgUt 
that Burton's had improved its tion programme undertaken, licensed deposit-taking Chartered members would then denationalisation, it calls for a steel redundancies * 

sales performance over the last Burton's expect tn meet fully inriitotmns. back the programme of indus- pjecemeal approach to decen- 

- - • - - * — -» — »— — » Goldman Sachs has nor re- trial action. — '-- 1 — *- ■ -- * 


12 months and. to meet future their increased sales .now and Goldman sanu has net re- 
demand for its products, had in. the future." the company f d „ T J 11 ' rh ' f paid for 

.fully the efficiency and' potentS Burton's has a total workforce Jhe bank was In 


tralisinc pay bargaining, start- By Our Labour Staff 


deal which gives a £9 a week Mr James Fitzpatrick, chair- 
pay increase this year with a man of the Port Employers 
backdated pajment of £144 in Association and chief executive 
return for changes in working of the largest employers, the 
practices and a further uncon- Mersey Docks and Harbour 
ditional £9 a week next year. Company, said: “This two year 
Basic weekly pay is estimated at deal will give security to the 
£90 a week bul the Port em- men, stability to the port and a 


production capacity of its four at present of 3,530. The Slough 1973 as Fir^t International n C toher l ir the bank does not 
factories plant will probably be closed at Bancshnres Ltd. ft was one of wuhdraw its plan. The joint 

_ 11 . . . . I,. . the end of this year and the the more negresstip UK mer- arbitration aereement ends on 

' Tnti Vlnncrn fartAfC mil 1 T lTi .... ■ • a . ■ . '...UxiJiArwir a F a a* m, , . . ^ 


it paid for The programme includes a j n g with the less powerful SHOP STEWARDS at Johnson £90 a week bul the Port pm- men. Mabihly to the port and a 
. , . work to rijlp and selective -stop- .sectors to minimise the possi - and Firth Brown, the private plojers claim that with bonuses service the customers expect.” 

' , fr h .u-’ n 1 , . x --i. iff! bi,i1 - v of industrial action. Sheffield steel company, said and overtime many dockers He said the aim now was to 

ti also calls again for unions' yesterday they would fight the earn £160 a week. attract trade, which has been 

legal immunity to be made con- l.ioo redundancies stemming Talks will begin immediately lost to ports on the south and 


It also calls again for unions' yesterday they would fight the earn £160 a week. 


-m,. cin.ioh -fer-tnra- hui it in end ™ s y^ 31 " and , Tn * ire "CffresM c - ^ • r " arbitration aereement ends on ditional on adherence to agreed from the proposed merger of on the introduction of the work- east coasts, back to the Mersey. 

fn afferent nrn. company said it would make ch*nt banking subsid'anps o a October Thi? agreement with procedures. Firth Brown and the British ing practices which will involve The Mersey Docks Company 

e ladus. was an em p every effort to relocate manage- U.S. bank. At one stacp it had Barclays International end< on i t j s unlikely, however, that Steel Corporation's River Don reduction of staffing levels at lost £7.3m last year and a 

LCD On unit t>UL OY iOQ3yS m ... ...Va.a.ia« orrntc mnrp .tKari 1 ft OTlri tVlP IITIIAn *L . . . 1 . . « r. i. J A .1 ei „ z 


every effort to relocate manage- U.S. bank. At one sthcp it had Barclays International end? on i t j s uniikely. howe\-er. that Steel 1 
rO menr staff wherever possible at assets of more than f 130m. Deceiuber 10 and the union tbe government will ailopt either Plant. 
standards was too small for the ot j ier u^; factories. In 1979 the parent bank executive will consider a 

company’s .needs. It would A company statement said curbed tix simrtor strike ballot at a meet- — 


tbe Royal Sea forth dock com- further £lm in July. 


“prove impossible to install umpng and staff had been in- »n n? se , . , eral sen' or ing at the end of September. 

VSS: formed of the prepositi “so that m-nreers. j The rvn lending British inter- 

modate the ^ planned future ftjjj consultations / 'hn be under- tV, e v».3r>oT->*vv>- *»n banks ore fnJ’owins a 

requirements” taken and all the details pro- T.to r re- trend against unilateral binding 


GARDENS TODAY 


Co-op forecasts rise in spending 


■ BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 

THE CO-OPERATIVE Union, that tunes will remain difficult housing and direct taxation in 

tbe umbrella organisation for for retailers.” spending. 

the UK co-operative movement. It adds: "There is likely to CONSUMER SPENDING 1971-81 


ins their costs. 

But Mr Gamble claimed yes- 
terday that the initiative to end 
the arbitration agreement had 
come from ihc board and was 
not welcome by management. ' 


France’s greatest public garden 


BY ROBIN LANE FOX 


the UK co-operative movement. It adds: There is likely to CONSUMER SPEN 

is forecasting an increase in be a continued emphasis on 

'consumer spending of just maintaining market shares by 

under 10 per cent in 19SS. holding down margins and 

The forecast comes in a new prices." , ^ 

report from the union prepared Meanwhile, a new surrey by Fuel, light, power 
for tbe movement’s wholesaling the Mintel market research . Food 
and retail operations, which to- organisation shows how con- con^«.onoty 
gecher make the co-op one of cumer spending habits have nack * 

tiie largest trading organise changed over the past decade. 
tions in Western Europe. The survey breaks consumer ex- .JJ" . 

" The union suggests that in penditure into -3 categories -JJjJJJJ 
3883 a combination of lower and shows that total expendi- clothing 
taxes, falling inflation and re- ture has risen from £42.9hn in M edidn.«, toiletries 

duceri savings is likely to bring 39/1 to £191.9bn m 19S1, a 348 Electronic, domestic 

some recovery .in spending. In per cent increase in money appliances 
value- terms, the forecast is for terms. However, this does not pumiturejumbhings 
a 92 per cent increase but by take acconnt of the impact of Household, garden 
volume, the union is predicting inflation, products 

only: a 2 per cent gain. Tbe survey shows that nous- Transport, vehicles 

“ Food volumes will probably ing now accounts for the big- Leisure goods 
increase by less than average” gest proportion of total spend- Entertainment ' 
ft adds, "with clothing and ing (16.8 per cent) although in Household services 
fboSar volume sales by a little 1971 it onlv represented 13.7 per Medical, educational 
more than avenge and durables cent and was third in terms of 

bya S mu^^ 7 ^r cent.’’ took the ^taxation 

The union says that the fore- in 18/ 1, Joou kujk me . 

cast recovery ia retan sales will greatest proportion of npcnrfi- M ' s ^ es OUf eoodfc 

he welcomed- by the trade, tucte (14.6 per cent) although 

- NevertSieless, a 2 per cent in- this has fallen to i 1.5 per cent Tool * 

crease is - relatively small so in 1981 and now comes ijehma 


are very gTeai gardeners else- French designers had missed Italian master architects had But acres of matching compart- 

ur» cm t?T where, of course, in America, the point of the whole idea any- journeyed up to the Loire tn moms are as tedious as a fancy 

5,870 32,203 ***'' D** 10 * 1 * meet France. Germany and Italy, but way. build gardens as they knew patisserie with their croissant- 

1,799 7.895 nvpr nav r laim 1 of thcm aR cx «P ti011 . 6 - Over-governed and run by th ^- „ , . . , box and beetroot monr Wanes 

6,245 22.O6S P a J c,a,ra small enlightened minorities in mam . niore civil servants than ^* 1C resuJt astouifbed a visit- of orange flowered Rudbeckia 

489 2.023 By Peter Cartwright countries which are not. In the ever troubled Britain French ^ P apal le .? ate wll o wrote back and the unpardonably stark 

100 S4Z TUTr PT T Tr „_ nB - i n ._. T.-emtia, end. much concerned with natrons liked their values of 10 Vatican that Hjs white AJ.vssum. 

1.047 4,900 Jr.lil IS placing and choosing flowers. In o rd?r , nd formMitv They had H^ness’s vegetable plots looked History, maybe. required 

229 M00 »”• SSS « Shi rflSJSiS Britain, too. great gardeners jS5£ MMito with lawns and de rtdedly shabby beside the such a restoration, for the plan 

2,593 1U44 ? r n „ are a minority, hut they prac- rolUn^mMdows Avoiding the show pieces which Villandry now was laid when the king and his 

1.691 5425 from Six plants will attempt to tise in a country where most 5X t ralPd om toe bouse. They are. indeed, remark- court would descend on 

2,708 9480 fi nt| a common denominator for p eop j a waTlt tn express them- forests round Blois classed the ab Ie. Mature pear and apple Villa ndry’s huge garden. When 

474 1,950 L lV iS U ii ™ asic sc,ves tlwough their plants and vnl£r tound^Aray cr,ie P alon S the low packed with powdered vicomtes. 

lit! C1« n ,? e ,hpr i | D hp fnnkto many know how to do it very jSau and others as an ex- boundaiy trellises at a height of these gardens might come to 

Mf! f*J5S pay they will be looking for ^ traded ’ only two leet. They are perfectly life. Left only to tourists and 

831 3.430 upward ^ adjustments jlo a range inside a British resident twe^nd found myself left only trimmed as the edging to square gardeners, they seem like the 

860 3 885 there is a garden artist strugel- Jrith’ the gardens surrounding P ,ots ^ “mamemai cabbage. White Queen’s folly, designed 

• fS calculations, overtime premiums ■ tQ ^ There is als!> gardens surrounmn,, M]hmt r?d spinMh ^et and for Lewis Carroll. On the 


7,799 7495 

6,246 22.065 


2,593 11444 

1,691 5425 


France. Germany and Italy, but way. build gardens as they knew patisserie with their croissant 

I think of them as exceptions, Over-noverned and run by them - r,f box and beeiroot, mom Wanes 

small enlightened minorities in manv n , ore -ivil servants than ‘ n,c resu,t astonished a visit- nf orange flowered Rudbeckia 

countries which are not. In the ever troubled Britain French P 3 ^ legate who wrote back and the unpardonably stark 

end. much concerned with patrons liked their values of 10 ‘^ c Vatican that His white AJ.vssum. 

placing and choosing flowers. In nwtor and fnrm»iitv Thrv had Holiness's vegetable plots looked History, maybe. required 


1,950 their individual pay claims. {r'Yjj: 

Besides an increase on basic 
5,155 pay they wilf be looking for “f!? 3 
3A80 upward adjustments in a range T .l’ 
of other things such as shift . 
3,885 calculations, overtime premiums r;! 1 ; 


4,119 18420 and aiiovrances for those who 


S.955 hpy their own specialist tools. 
2,645 Manaepmf-nt has nrnmised ti 


a devotion to hard work after 
office hours and a readiness to 


Villandry. 

Here, at least, were gardens 


drifts of annuals. 


upper parterres, the ribbons of 


I was intrigued to see the box edging are not a garden. 


Fresh support for Sunday shopping 


T.054 2,900 of . c ' ctober ' 3n , d J h !l. those judgments on the laziness ^ ba favFl° I TJ!j euCil but fang-lasfjrtg and it has hearts make up sections with 

6.132 30460 telescope negotiations results British workinc men. We neglect in Uie 19-Os. Parterres impressed me in England as a separate messages: Tragic, 
largely put effort into mm gardens as on Uirre dhfferwit levels now novelty well worth growing if Tender, Adulterous and Pas- 

1,499 9,490 hnrige and other plants intended £ e]I and pe rtiaps j t i fi better Sdak 4 tedding ^ gow it ear |y , n u 1e year. In sionate Love. The designers, 

2869 79I4S3 5 ? i™ 11 JSTIL *** there th*n anywhere else plants yearly- The famous France, it seems, it is not the perhaps, wished lo say that in 

• ' S o ur ca- Mi ntel ilSf These views may annoy many French vegetable plots are no latest news. ViU an dry's large life, all four were the same. As 

toade union and Labour Party ^ ^ j been testing 1ess thickly equipped with herb garden combines mar- a garden design, they are only 

conferences. them on a recent visit to France, greenstuff which die every jorams. thymes and sorrel with a fancy, and to my eye 2 


The Loire Valley is the sort of >' ea ^- There are formal herb ol b er favourites of the kitchen, tedious fancy at that. 


BY DAY© CHURGHK.L, CONSUMER AFFAIRS CORRESPONDENT 
THE- Consumers Association Trade Department minister 


has conic out strongly, in 
favour of amend ments to the 
-stop'honrs^Iegislatiaji which 
would allow traders to open 
on Sunday and late at night. 

•IjtrPeter Goldman, the 
^association’s . director, has 
* mitten to the Government 
^porfipg its apparent 
heart over shop 


v Oijt ^he^past two decades 
rew^hajfe beea several 
hTemhers’ KiUs seeh- 
ing. to ^ amend tile laws on 
diop hogB-bitf all have failed 
through of Go ve r n ment 

japport-^ ! r - •. 

Keecnta^mwffver, a Junior 


fnrficated that the Govern* 
meat might support future 
legislation to end the present 
chaotic regulations. 

These were laid' down 
irader the 1950 Shops Act 
and include such anomalies 
as allowing adults to buy gin 
on a Sunday, Tint not dried 
milk for a baby’s bottle. 

Mr Goldman says m bis 
letter that in 1980/8 L the 
association * faced adamant 
and united opposition to 
change from the more rele- 
vant trade and enforcement 
organisations.’' But “the 
situation is now very different 
and. most organisations accept 


the need for at least some 
. reform.” . 

He says the Association of 
District Councils has recently 
reversed its policy position 
from one of opposition to any 
change and is now actively 
lobbying for a hill along tbe 
lines of recent Private Mem- 
bers* Bills on the subject 
Within Whitehall it is 
understood that the Govern- 
ment is unlikely to sponsor 
new legislation on shop hours 
in this parliament bur would 
be prepared to support a 
Private Members* Bill which 
had a good chance of getting 
parliamentary time for 
.debate. 


Villandry 


France's 


m green belt which Britons could f arde °f- unmaculale bowers of j was delighted to find a big if Villandry is France's 

|>aliOt Over tnreai rum into a gardening paradise. *™l 11 trees ’ a “ 1 * T,tll5 ]j ‘, at>5Tin l1 drift of calamintha. a pungent greatest public garden, the 

. r It is the French equivalent of and as ™ucb box hedging as sftrub Jike a s-maJl nine-inch cat- French public. I conclude, are 

to beet Harvest Hampshire’s A273 and that J ou c0uid t0 see 10 a llfe ‘ mint which flowers so freely in no flower gardeners. They 

A SECRET BALLOT is to be string of magnifireot gardens. time ' ... August. This easy plant is too have formal designs, but no 

held among 2,000 workers in great and small, which lie on The garden relies on its viri- rare in England on dry sunny informal plantings. Their fruit 
a mmw tn sprtlp a nav disrate either side of it All those tors in order to. keep up its soiL trees are trained like over- 


a move to settle a pav dispute either side of it All those tors in order to keep up its soiL trees are trained like over- 

which threatens to halt Britain’s chateaux ought to have one style. Even then. it cannot hope I admired the box hedges and trimmed poodles. Their 

sugar beet harvest. garden to show among the lot to balance Ms books, so it web flj e italianate style of the parterres are filled witr plants 

The British Sugar Corpora- of them, so I have hoped for comes the public grants which ascending steps beautifully which are only taken seriously 

tion at Peterborough, Cam- the best and set out to find rat. temper its deficit. The family framed in a setting of clipped on British roundabouts and 

bridgeshire. yesterday called in The hum has' not been parti- still runs it, but the first Dr Car- evergreens. The Carvallo family esplanades. As a monument, 
the Electoral Reform Society to euhrfy difficult I soon learnt vallo. a noted doctor, has left deserves a big bouquet for its Villandry equals any British 

organise the vote among protest to ignore any park with the Quite a le^cy in the bones of boldness and devotion in restore historical garden and as a feat 

workers and clerical staff. promising title of jardin anglais, h^ bu £ e garden. , ng { j S enormous scheme. Is it, of upkeep, it is excellent. But 

Shop stewards have thrown After Napoleon, there seems to A full restoration of however, a garden which we I longed for a touch of British 

I out a management offer of 9.5 have been a fashion tor natural Villandry’s 16th century plan could tolerate here ? romance, for good plants enm- 

I per cent and have threatened English landscaping, a faint would be beyond most 20th For me. the answer is. firmly, bined to mean something better, 

strike action at 13 processing echo of Repton aod Capability century pockets, but enough has no. There is so little sense of for the greatest of all those 

factories in the eastern counties Brown. 'Hie style transplanted been revived to satisfy all but light and shade, such a limited loves, a gardener's love for 

when the sugar beet harvest badly and I found nothing more the grandest patron. Here, as use of good garden plants and a colour and shape in flowers and 

starts nest month unless they than lakes which had sunk be- nowhere else in France, you can dreary indifference to subtleties leaves which he has chosen in a 

get 15 per cent. low ground level, serpentine still catch the style of a great of colour. A section of parterre style of his own. 


\ 


fi 


8 


Financial Times ^Wednesday, August 25 1982 


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technology 

British designed simulator finds a new role 

‘Big Lifter’ set to retrieve 
wreck of the Mary Rose 


BY NEIL POTTER 

A British-designed, computer- 
based crane barge motion moni- 
tor and simulation system wdl 
help in the rais ing of the wreck 
of Henry VHTs warship, Mary 
Rose, from the seabed off Ports- 
mouth. 

It has just been installed at 
Southampton on the Howard 
Doris £5m, 900-tonne heavy-duty 
floating derrick. Tog Mor 
(Gaelic for Big Lifter). 

Built in Germany by Blohm 
and Voss in Hamburg, the Tog 
Mor is the largest Sttlckenmast 
floating crane built 

Normally used at the Howard 
Doris construction site for the 
offshore industry at Loch Kis- 
hom on the west coast of Scot- 
land, and in heavy lifts in the 
offshore industry, it will be 
towed to work off West Africa 
in October, when the Mary Rose 
lift is finished. 

Tog Mot’s ease of handling 
and extreme accuracy of 
placing its load makes it ideal 
for the delicate operation. For 
the lift from the seabed, the 
hull will be suspended in a 
“stretcher” of nylon lifting 
straps beneath a ISO ft lifting 
frame and will then be trans- 
ferred under water into a 150 ft 
cradle for the transfer to shore. 

Howard Doris has placed the 
Tog Mor at the disposal of the 
Mary Rose Trust free of charge. 

The On-board Monitoring 


and Simulation system (OMS) 
was designed and developed by 
Atkins Research and develop- 
ment of Epsom, .and is mar- 
keted by its subsidiary, Atkins 
Franlab Marine. It is compact 
and does not require a com- 
puter expert to use it 

Basically tbe system is aimed 
at cutting down time lost during 
bad weather and in pre-planning 
lifting operations. Excessive 
movement at the crane tip — a 
limi ting factor for a lift — can be 
minimised if the barge is kept 
on a particular heading which 
will reduce barge motion to a 
minimum in the preva iling sea 
conditions. 

The system uses forecasts of 
expected wave conditions at the 
site of lifting operations, 
together with predictions of the 
barge motion response, to deter- 
mine the optimum barge bead- 
ing and lift configuration and so 
increase tbe time available for 
lifting operations. 

Developed with support from 
the Department of Energy, the 
system uses sophisticated barge- 
response prediction programs 
which are continuously updated 
and calibrated from real-time 
measurements of barge motion. 

These real-time measurements 
are used to provide a valuable 
aid during lifting operations. 
Sensors measure tbe barge’s 
roll, pitch, heave, surge and 
sway. The system can then com- 


pute tile motion of any point on 
the vessel, such as the crane 
tip. and can provide the 
operator with summarised data 
of peak motions. 

It can also identify motion 
trends and so help choose the 
best, moment for setting down 
the load. 

The main features of the 
system are the user console, 
which bas been developed to re- 
place the conventional computer 
terminal, and tbe display unit, 
both of which can be con- 
veniently mounted where 
desired. 

Tbe user specifies vessel 
parameters (hull weight baflast. 
additional weights), mid crane 
parameters (angle, outreach, 
load) by means of switches. 
The display unit will show the 
barge with the crane at the 
setting specified by the operator 
at the console. 

The OMS system contains 
linearised equations of motion 
using a library of hydrodynamic 
co-efficients computed using the 
Atkins AQW A-LINE programs, 
or from model tests. 

Further details: Atkins Fran- 
fcrfj Marine, Woodcote Grove, 
Ashley Road, Epsom, Surrey. 
KT18 5BW. (037 27) 40899. 

Neil Potter is a freelance 
journalist specialising m the 
offshore oil industry. 



EDITED BY ALAN CANE 

Energy saving 

Motor 


v v 

: . ■’ 



- ** 



a.--*- - V 

0- - 


Mrs Margaret Rule, archeological director in charge of the recovery of the Mary Rose 
(left) helps her team hose-down one of the bronze cannons recovered from the 

400-year-old wreck. 

Do-it-yourself loadcells system 

Farmyard tyres to weigh a pig 


First viable prototype of LSI chip 

Toshiba sees mass production 
in three to four years time 


THE Toshiba Corporation has 
developed what it claims to be 
tbe world's first prototype of a 
commercially viable large-scale 
integration (LSI) chip based on 
a compound of gallium and 
arsenic. 

Toshiba said this week it 
-would be able to mass produce 
the LSI chip — replacing the 
conventional silicon semicon- 
ductor-three to four years 


later after some technical 
improvements, such as en- 
hancing the degree of 
integration were completed. 

The company claims to have 
succeeded in burying resistors 
and other dycuit elements Into 
the gallium-arsenic base material 
with the aid -of platina. “This is 
a technical breakthrough no 
other manufacturer has yet 
achieved,” the company said. . 

The new chip, of a gate-array 
type, measures 4.5 by AS milli- 


metres, Incorporating 2,400 
elements. It has 500 gates. 

The speed of transmitting 
information between gates is SO 
picoseconds (one picosecond is a 
trillipnth of a second), five times 
the maximum speed for con- 
ventional silicon semi-conduc- 
tors. 

The new chip consumes 0.2 
milliwatts, about a tenth of the 
electricity required for silicon 
versions. 


IT IS not often that one comes 
across a product called '‘Wbeelie 
Weigh.” But if you're a - farmer 
and need to weigh anything 
from a pig to a heifer and their 
respective feeds as well then the 
Old tractor or mini tyre lying 
around the farmyard can, with 
a bit of adaptation do the job. 

Wheel! e Weigh works on the 
principle of inflatables as simple 
loadcells. Fill the tyre (it’s 
better with an inner tube) with 
water, lay it on its side and 
using simple physics and a bit of 
simple apparatus you can weigh 
almost anything. 

The internal pressure in the 
tyre balances the weight sitting 
on it and therefore the pressure 
can easily measure the weight 
It sounds so simple that one 
wonders how many people 
have thought of it before. 

The designers say that a (mini 
tyre can weigh a ton and an old 


FT COMMERCIAL LAW REPORTS 
Digest of cases reported in the Trinity Term 


Maritime Harmony (FT, July 2). 

Mr Justice Sheen consulted two 
Trinity Masters on the safe speed 
for a vessel navigating in 
reduced visibility. The court held 
t-h.-ii the speed would vary 
depending in the radar lookout 
being maintained. Because Mari- 
time Harmony failed to maintain 
a proper watch despite two radar 
sets in working order, the ship 
was unable to justify the speed 
at which she was travelling when 
a' codilston occurred in fog- 
Contributory negligence was thus 
proved. 

★ 

Swain and Another v Law 
Society (FT, July 6). 

The Solicitors Act 1974 enabled 
the Law Society to enter into a 
group insurance scheme through 
a master policy. The Society 
made a ' commissi on-sharing 
agreement with the brokers, and 
used the money received, for the 
■profession as a whole. Two 
sofliciitors challenged the agree- 
meots on the grounds that the 
brokerage was held in trust for 
the members. The House of 
Lords rejected their submission, 
■holding that the Law Society 
■was acting in a public capacity, 
and did not owe a private duty 
to premium ■paying solicitors. 

* 

AVX Ltd. v EGM Solders Ltd. 
(FT, July 7). 

By a mistake. AVX- delivered 
22 boxes -of goods to EGM; only 
one, containing rejected goods, 
was intended for EGM as the 
21 boxes of finished products 
should have been delivered to 
AVX'S distribution centre. At 
EGM, the contents of the 22 
boxes were destroyed. As an 
unconscious bailee. Mr Justice 
Staugbton held. EGM bad failed 
in ha duty of care, by nut 
ascertattamtg that the 21 boxes 
were not its own property and 
then by negligently allowing 
AVX’S goods to be destroyed. 

★ 

In re Energy Conversion Devices 


Incorporated (FT, July 9). 

Tbe House of Lords stated 
unequivocally that no tribunal 
or court had a discretion to vary 
the meaning of the words of 
primary or secondary legisla- 
tion t» meet the justice of a 
particular case. Thus where the 
Patents Act specified a 20enooth 
limit in order to lodge a patent 
•appfcLcaLion and pay the filing 
fees, no extension could be con- 
sidered -by the comptroller. Any 
injustice could be dealt with 
only by amending the Act 
itself. 


Bradshaw v Ewart-James (FT, 
July 13). 

It was a serious offence, 
punishable by up to two years’ 
imprisonment undvr the 
Merchant Shipping Act 1894, for 
a master to infringe the colli- 
sion regulations through his 
“ wilful default,” the Divisional 
Court stated. But, in the absence 
of an explicit Parliamentary 
intention to that effect, wilful 
default could -not apply where 
the master handed over the 
watch to -bis master mariner, 
who failed to observe the regula- 
tions. For tbe purposes of the 
Act, orimina:l liability -was non- 
delegable. 


Wilson and Garden . Ltd. v 
Commissioners of Inland 
Revenue (FT, July 14). 

Tbe Inland Revenue Commis- 
sioners lost their appeal to the 
House of Lords, that a narrow 
interpretation should be used 
is construing a business’s 
“ current requirements,” as well 

as its other needs for ” main- 
tenance and development,” under ■ 
the Finance Act 1672. There was 
no reason why “ development ” 
should not be widely interpreted 
to include “ diversification," 
Lord Rosfcill said, without 
defeating the legislative purpose, 
which was to prevent . the 


FROM JULY 2 TO JULY 27 

, July 9). accumulation of undistributed 
Lords stated profits. 


Despina GK (FT, Jnly 16). 

The ship Despina GK was 
arrested in Sweden in an action 
by the cargo-owners for damages. 
The shipowners paid part of the 
sumo claimed, having first 
secured tip ship’s release by 
putting up security. When 
Despina GK entered an Snglito 
port, tbe cargo-owners issued a 
writ in rem for the sums out- 
standing. In allowing an appeal 
against the registrar's refusal to 
issue a warrant for the ship's 
arrest, Mr Justice Sheeo said 
that a judgment creditor who had 
obtained final judgment in a 
foreign isourt could bring an 
action tn rem. in the Admiralty 
Court provided the ship's owner- 
ship remained unchanged. 


Williams and Olliers v National 
Theatre Board Limited (FT, 
July 20). 

The statutory definition of a 
■“ job ” stipulates that an 
employer re-engage strikers in 
the same place, capacity and 
work as they enjoyed before 
Their dismissal. Tbe National 
Theatre Board fulfilled these 
stipulations,- the Court of Appeal 
held, when it offered to re-engage 
employees in the same jobs as 
they previously held, notwith- 
standing a condition of the offer 
that any further strike action 
would be met by suspension or 
dismissal. 


tion to the court for a variation 
of the injunction, he ought to 
have all Ids costs so. long as they 
were not unreasonably large or 
unreasonably incurred. Justice 
required that a plaintiff Who 
resorted to the Draconian remedy 
of a Mareva injunction should be 
expected to pay such costs. . 


Citadel Insurance' Company v 
Atlantic Union Insurance Com- 
pany (FT, July 23). 

CitadeL a Canadian company, 
was. a primary insurer for shops’ ; 
halls throughout tbe world. It j 
operated through a subsidiary 
which placed reinsurance with 
Now .York brokers using London 
brokers os agents. The reinsur- 
ance was covered by Atlantic, 
a Greek company. The Court of 
Appeal held that a contract, 
governed toy English low, arose 
between Citadel and Atlantic 
whenever a declaration under 
the open cover was received in 
the UK by the London brokers. 


tractor tyre can be recycled to 
weigh up to 20 tons. The geo- 
metry of the wheel is ideal with 
the reinforcing in the tread, or 
what is left of it. in exactly 
the right place to hold the hoop 
stress, while the flexibility of 
the sidewall provides sensitivity 
where it is needed. 

The hole through the hub is 
Ideal for axial loading of sus- 
pended loads and, unlike deli- 
cate electronic equipment, the 
rugged nature of the tyre means 
that the whole apparatus can 
be left outside. 

But why should the farmer 
retrieve all these old tyres 
lying around and put them to 
better use? It’s cheaper, 
servicing is almoist unnecessary 
and weighing results can be 
made for each feed trough 
instead of averaged results 
from a central silo. 

Animals can pound daily and 


6.40-7,55 am Open University 
(Ultra High Frequency only). 
9.20 Scooby and Scrappy Doo. 
9.40 Jackanoiy with T. P. 
McKenna. 9.55 The Wo rubles. 
10.00 Take Hart. 1020-1030 Play 
Chess. 1.00 pm News After Noon- 

I. 30 King Relic. 135-1.45 Bric-a- 
Brac. 4.18 Regional News for 
England (except London). 4.20 
Play School. 4.45 We Are The 
Champions. 5.10 John Craven's 
Newsround. 5.15 The Monkees. 

5.40 News. 

6.00 Regional News Magazines. 

6.25 Top Secret: A new panel 
. game with Barry Took. 

6.55 Tbe Wednesday Film: 

"Mandrake The Magician." 
830 Tomorrow's World at 
Large: “A Certain Sense 
Of Humour” Investigated 
• by Kieran Prediville. 

9.00 News. 

9.25 Chicago Story. 

10.35 Cycling: World Cham- 
pionships highlights from 
Leicester. 

Z.08 News Headlines. . 

II. 10 The 20th Century 

Remembered: The Rt Hon 
Sir Harold 'Wilson talks 
about his period as Prime 
Minister from 1964 to 
1970. 


safely across a Wbeelie Weigh 
so that stockmen can keep an 
expert eye on weight progress. 
The designers hdve also intro- 
duced a thing called a liquid 
brick, a sort of. buoyancy bag or 
air cushion which can be used as 
a security alarm. , 

Before farmers rush to the I 
telephone and the manufac- i 
turers of “ proper ” loadcells are 
stirred to protest, it should be 
pointed out that one cannot buy 
a Wheelie Weigh; you have to 
make it yourself. 

But you can obtain a report, 
instructions, diagrams help and 
assistance for £3.50.' It’s 
obtainable from Bradbury 
Controls PO Box 4 Ross-on-Wye. 
'Phone Symonds Yat (0600 
890599), or London (02-741 
0019). Ask for ** Air Cushions 
and Vehicle Tyres in Weighing 
Machines (Inflatables as simple ' 
loadcells).” - I 

MAX COMMANDER ' 


CONTROLLING motor speed 

can lead to energy-saving 

.According to Brouwer 

- Dynamics, It has devel oped a 
variable frequency inverter 
which enables AC Sqtdrrel 
Cagemotora to roust variable 

■ speed instead of tfteir normal 
-fixed speed operation. 

The company daSm s that to 
" inverter can cut electricity 
MUs by enabling pumps and 
fans to be run at the correct 
speed to provide the required 
output, instead, of running at 
full speed arid being damped 
or throttled to obtain reduced 
output* 

Brammer Dynamics says 
that the Northumbrian Water 
Authority saved 41 per cert 
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Security 

TV burglar 
alarm 

FT MAY sound like - “ big 
brother is watching you ” but 
Radio Rentals .has ■ Introduced • 
a television set which tmriu 
into a burglar alarm. 

When tile evening's viewing . 
Is over all the householder has 
do is switch of. the TV set and 
set the alarm which becomes 
armed 20 seconds after the - 
room is vacated. 


10.05 Gharbar. 

10.30-10.55 Play School. 
1230-L20 pro Open University. 

5 JO Freedom and Personhood. 
t5.40 Laurel and Hardy 
6.15 Colour Rhapsodies. 

05 The Fhilpott File. 

7.00 Junior Pot Black. - 
7.25 News Summary. 


7 JO The Travel Show. 

7.55 Arthur Negus Enjoys 
Badminton. 

8.15 The Man -Alive Debate. 
9.00 Film Buff of the Year. 
9.30 Top Crown. 

10.15 George Melly with pianist 
Ralph Sutton. 

10.45-1 L50 NewsnighL 


Fidelity International Rank v 
International Finance Exchange 
Corporation (FT, July 21). 

It was an essential aspect of 
the court's jurisdiction to grant 
tfareva injunctions, Mr Justice 
Parker said, that the court should 
also protect the position of 
innocent (third parties. If a third 
party made a successful applica- 


Gehr. Broere BY of Dordrecht, 
Holland v Saras Chimlca SpA of 
Italy (FT, July 27). , 

Mr Justice Parker said that 1 
when ell the parties consented 
to an application on a point of 
Law arising from an arbitration, 
section 2 (2) of the Arbitration 
Act did not apply. The question 
of law at issue -was the construc- 
tion of a phrase M .weather 
permitting," ‘for loading end dis- 
charging cargo, to four charter- 
parties between (he 
Shipowners and the charterers. 
Laytime metodad periods of 
bad weather which would have 
prevented loading if tbe vessel 
had been 'in port end not just 
when weather in fact prevented 
loading. 

A digest of esses reported between 
July 28 and August 18 mill appear on 
Friday. 


All IBA Regions as London 
except at the following times: — 

ANGLIA 

9JS am Cartoon Time. 9.46 Inter- 
national bowls. 10.TO "Tarran And 
Tbe Valley Of Gold," starring Mike 
Henry. 11.80 Captain Nemo.. 1.20 pm 
Anglia News. 2.00 The Tall Ships’ 
Parade of Sail. 3.15 World Worth 
Keeping. S.15 Private Benjamin. B.00 
About Anglia. 17.30 Nero Wolfs. 12.30 
am Pilgrim to the Holy Land. 

BORDER 

8 30 am The Bubblies. WhS Film: 
" Escapade/* starring John Mills. 11.00 
Sesame Street. 1.20 pm Border News. 
2.48 Charlie's Angels. 5.15 Survival. 
6.00 Lookareund Wednesday.- 11.30 
News Summary. 


By Aviva Golden 


Mamunia is capable of scoring again 


RACING 

BY DARE WIGAN 


DESPITE the fact, that’ Dick 
Hem is saddling a Royal 
runner — die Queen’s Sagaro 
Ally Wise Choice— -at Bath 
today, Carson has been released 
to ride at Brighton. Even a 
cursory glance at the south 
coast card will convince many 
that the presence of Mamunia 
is the principal reason behind 
Carson’s wish to forego Bath. 


Mamunia, a twice-raced filly 
by Cutlass out of a Ray’s A 
Native mare, already looks to 
have been cheaply bought as 
a $48,000 (£27,500) yearling. 

She was a promising sixth as 
a 50-1 chance at Yarmouth «n 
her debut earlier this month; 
and made a successful return 
to the course a week ago when 
justifying some substantial bets 
in the lfi-runner Hall Quay 
Maiden Stakes with a victory 
over Monongedia. Always 
handily placed In the hands of 
that renowned work rider and 
occasional jockey Ray Guest, 
Mamunia was never in danger 


once she had been sent into- 
the lead a quarter of a mile 
from home. 

ft is difficult to evaluate the 
merit <*£ that form, but of one 
thing I have no doubt: 
Mamunia, a well-made bay out 
of a sister to Sparkling Native, 
Is capable of scoring again in 
better company. ' Unless La 
Reine Rose and Mullet can 
improve considerably on their 
recent third-placed efforts, 
Mamunia should give weight 
away all round without too 
much trouble. 

■Returning to Bath, Harwood 
and Starkey look the team to 


follow. In the Tog Hill Malden 
Fillies Stakes I expect it to be 
a case of third time lucky for 
PnJfoorougb’s Grub; while an 
hour later Kuwait Desert is a 
reasonably confident choice to 
take advantage- of the 9 lb he 
receives from Shaves You Close 
in the Bristol Nursery. 

BMGHTON 

2.00— Manmnia*** 

2.30 — Tnlsa Flyer 

BATH 

2.30— Grub* 

&30— Kuwait Desert** 

■_ 4-30— Loyal Supporter 


CENTRAL 

10.05 am Johnny’* Animal OfJflrsf- 
10-30 The Adventures ol Niko. H0.56 
Hops long Cassidy, warring William 
Boyd. 1.30 pm Central N«W>. 2.«8 

Pslmnsrown. 5.75 Diff'rent Strok as- 
6.00 Cnnsraads. 6-25 Cantral NawA. 
11 SO Joumay to ths Unknown. 

CHANNEL 

1J0 pm Channel Lunchtime News, 
What's On Whare. and Weather. JW5 
Skin Deep. 5J» Croaaraada. 8J» 


RADIO 1 

(S) Sana broadcast (wtnn an VHF) 

6.00 am As Radio 7. 7.00 Mike -Read. 

5.00 Simon Baus. 11.00 Tony Blackburn 
with the Radio 1 Roadshow from 
Weymouth. 1Z30 pm NewsbMt . 1ZA5 
Dava Lee Tnvti. 2.00 Steve Wright- 
4 JO Peter Powell. 7.00 Radio 1 Mailbag- 

8.00 David Janaen. 10. 00-12- 00 John 

P«*l (S). 

RADIO 2 

5.00 am Hay Moan (S). 730 Tarry 
Wogan (S). 10.00 Jimmy Vourig (S). 

12.00 Diana Dors (S). 2.00 pm Ed 
Srawart (S). 4.00 David Hamilton (S). 
SMB News; Sport. 6.00 Jan Learning 
(S). 8.00 Alan Dell with Dance Band 
Days'. 8.30 Among Your Souvanirs (S). 
9.16 Ronnje AMrich with his piano and 
arcfaaatre* (S), 956 Sports Desk. 10.00 
Wit's Bid. 10J0 Hobart Gragg saye 
Thanks for the Memory. 11-00 Brian 
Matthew presents Round Midnight from 


Channel Report. 6.10 Fwngface.' 5.35 
Summer Extra. 10.28 Channel. Late 
News. 11.30 Vegas. 12.25 am Newa 
and Weather in French; foifowsd by 
Epilogue. . . 

GRAMPIAN 

B.40 am Frist Thing. . 9.48 Sesame 
Street. 10.40 Crazy World of. Sport. 
11.06 ThunderWras. 11.55 The Adven- 
tures of Parsley. 1230 pm Portrait of 
a Village. 1.20 North News. 2.46 Siory 
Hour. . 5.1E Mr Merlin. 6.00 Summer at 
Six. 1120 Murphy k s America. 1225 am 
North Headlines. 

GRANADA 

9 JO am The Bubblies. 9-35 Wednes- 
day Matinee: ** Escapade,” starring 
John Mills. 11.00 Sesame Street. 12) 
pm Granada Reports. 2.00 Wild; Wild 
World of Animals. 2^0 Putting on die 
Style. 2.45 Palmerstown, S.1B Welcome 
Back Kcrtter. 6.00 This is Your Right 
8.05 Crossroads. BJO Granada Reports. 
MS Skteroads. 11-30 Deer Detective. 


BJ50 am Mature of Thlnge. 10-46 
Sport Billy. ‘11.10 The World We live- 
in. 1126 Angling Today. 1JD pm 
HTV News. 2.45 To the Wild Country. 
4.16 Ask Oscar. 4-4S The Adventures 
ol Nlfco. 5.15 Stingray. 6.00 HTV 
News. 10.28 HTV Newa. 11 JO Private 
Benjamin. 1 


HTV Cym ru/Wales — As HTV West 
except: 11 : 10 - 11 .36 etn Vicky the Viking. 
12-00-12.10 pm Ty Bach Twt 4 JO 
Hera's BoomoT. 445-6.16 Sion Bili. 
6.00 Y Dydd. . 6.15-635 Report Wales. 


SCOTTISH 

10.00 am Wild, Wild World of 
, Animals. KL2S Summer Matinee: *' A 
French Mistress." 1.20 pm Scottish 
News. 2.46 The Love Boat. S.16 Tales' 
of Crime. BJO Crossroads. 6.00 
Scotland Today. 6.30 Talking Scots. 
10.30 Festival Cinema and TV with 
Alistair . Moffat. 11.16 The Haunt of 
Man. 12-15 am Late Calf. 


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Silencer 


TELEVISION 

Tonight’s Choice 

ITVs programme planners will no doubt be hoping that 
tonight’s big attraction will be the annual Miss United Kingdom 
contest which occupies the prime viewing slot of 8.00. But a 
braver decision would have been to screen its late-evening docu- 
mentary. The Haunt of Man. at this time when its crucial message 
could expect to reach a much wider audience than it could reason- 
ably hope for at the later time of 10.30. 

The documentary, from Anglia Television which makes the 
admirable Survival programmes, takes a cool and analytical look 
at the destruction of the earth's resources and the decisions which 
need taking now if catastrophe is to be averted. 

It may not be a new or palatable story, but It would seem of 
greater relevance to television viewers than which particular 
female body is voted the most attractive in a hotel in West 
London. 

Kieran Prendiville, however, takes it an a lot less seriously 
on BBC 1 at 8,30 when Tomorrow’s World at Large investigates 
the elusive nature of humour. 

DAVID CHURCHILL 


9. 36 am Snams Street. 10415 Project 
(JFQ. 1135 Rocfcat Robin Hoed. 11.50 
Larry tha Lamb in Toytown. 120 pm' 
TSW News Headlines. 2.46 Skin Deep. 
6.16 Gus Hpneybun’a Magic Birthdays. 
5.20 Crossroads. ff.GO Today Somii- 
Wost. 6.30 Televiews. (L40 Sports- 
waak. 1032 TSW Newa. 11 JO Vegas. 
12L25 am Postscript. 


. 93S am Paint Along With Nancy. 

10.00 Survival. 10.25 Animated Classics. 
T1.1S European Folk Tales. 11.30 
Falcon Island. 1.20 pm TVS News. 

2.00 Tha Tall Ships* farads of Sail, 
3.16 Welcome Back Kotrer. S.15 Happy 


RADIO 


the Edinburgh Festival (stereo from 
midnight). 1.00 am Encore (S). 2/00- 
5.00 You and tha Night and the 
Music (S). , 

RADIO 3 

6.55 am Weather. 7.00 JNews. 7JBS 
Your Midweek Choice (S). 8.00 News. 

8.05 Your Midweek Choice (continued). 
9-00 New#. 9.06 This Week's Com- 
poser: Rachmaninov (S). 10.00 London 
Symphony Orchestra (S). 11.00 Edin- 
burgh International Festival, pert 1: 
Mozart, Dominio Muldownsy (S). 11-55 
Here Instead with Leonard Roper. 12.10 
pm Edinburgh International Festival, 
part 2: Tchaikovsky (5). 1.00 News. 

1.05 BBC Welsh Symphony Orchestra 
(5). 2J20 Weber's Clarinet Quintet (SI. 
2JS0 Percy Aldridge Grainger (S). 330 
Tsrtini (S). 4.00 Choral Evensong (S). 


4J56 News.. 5-00 Mainly For Pfusura 
(S). 6.30 Ham rah Mflne piano recital 
(S). 7JJ0 Let tha People Sing (S). 
7-30 Proms from the Royal Albert Hall, 
pan 1: Walton. Smalley (S). 8.15 5H* 
Continents. 8.36 Proms; part 3: 
Prokofiev. Shostakovich (S). 9-36 a 

Century of Poetry. 10.00 Russian Songs 
recital, pan 1 . (5). 10.35 Interval 

Reading. 10.40 Rfintal; pan 3L n.i5* 
■ 1 T .18 News, 

RADIO 4 

. 6.00 am Now* Briefing. 6.10 Farming 
Today. 6Js Shipping Forecast. 6.30 
Today. 8.43 Th* Borrowers by .Mary 
Norton. 9.00 News. 306 Midweek; 
Clare Francis. 1000 News. 10.02 
Gardeners' Question Tims. 10.30 -Daily 
Service. 10.45 On Holiday with Tim 


A filter slloieer designed to 
rednee noise and pollution 
caused by the use of com- 
pressed air 1 has been intro- 
duced by Scientific Innova- 
tions rt Bowbnrn, Durham. 
A reduction of more than 
40 dBA is claimed. More on 
0385 770550. 


LONDON 


9.30 am World Famous Fairy 
Tales. 9.45 The Master Builders. 
10.15’ Tbe- Greatest Thinkers 
(Clause witz). 10.40 Struggle 
Beneath the Sea. 11.05 Georgia. 
12.00 We'JI Tell You A Story. 
12.10 pm Rainbow. 12.30 The 
Electric Theatre Show. LOO News 
with Leonard Parkin, plus FT 
Index. L2Q Thames News with 
Robin Houston. 1.30 Women of 
Today. 2.00 After Noon Plus. 2.45 
The Six Million Dollar Mac- 3.45 
Play ft Again. 4.15 Dr Snuggles. 
420 Storybook International. 445 
Into tbe Labyrinth. 5.15 Tbe 
Brady Bunch. 

5.45 News. 

6.00 Thames News 
625 Help! 

6.35 Crossroads. 

7M Where There's Life. 

72Q Coronation Street. 

8.00 Miss United Kingdom 

9.00 Best Seilers: “Valley Of 
The Dolls," part 3. 

10JMJ News. 

1020 The Haunt of Man. 

11.30 Man nix. 

12.25 am Close: Sit Up and 
Listen with Barbara 

Leigh-Hunt 

t Indicates programme is 
black and white 


Days. 6.00 Coast To Coast. 11J0 
Barney Miller. 12.00 Company. 

TYNE TEES 

930 am The Good Word. 9-25 Marrh- 
Ebei Newt. 8.30 The History Makera. 
9.55 European Folk Tales. 10.10 Cities. 
11.00 Survival. 11.25 Stingray. 11.50 
Mumbty. 1 .20 _pm Nonh-E^st Nows. 
1JS Where the Jobs Are. 2.00 The 
Tall Ships’ Parade of Sail. 3.15 Horo's 
Boomer. 5.15 Private Benjamin. .6.00 
North-East News. 6.02 Crossroads. 6.25 
Northern Life. 10.30 North-East News. 
1130 Facing Deoth. 12.00 Proper 
Propagation. 

ULSTER 

10.10 em SMarhe Street. 11.10 
Tarzan. 130 pro Ltinchpna. 2.45 Ques 
4.13 Ulster New*. 5.15 Mr Merlin. 6.00 
Good Evening Ulster. 10.25 Ulster 
Weather. 11.30 News at Bedtime. 

YORKSHIRE 

9-30 am Sesame S tract. 1020 Jason 
Bl Star Commend. 10. S Pa-n: A Inrn 
Wrtti Nancy. 11.20 Rcckot Robin Hoed. 
11-60 Threads. 11.55 The 1 Bubbl-er, 
1-20 pm Calendar News. ZAS Charlie's 
Angels. 5.15 Diff'rent Strokes. 6.03 
Calendar (Emley Moor and Belmont 
editions), 11,30 The Living Legends of 
Jazz -rend Blues - (The James Cored 
Band): 


Brooke-Tayior (S). 11-00 New*. 11U3 
Beker* s. Dozen' (5). 12J00 News. 12.02 
pm You and Yours. 12.27 A Small Town 
m Germany by John La Carre. 17 SB 
Weather: travel,* programme news. 1.00 
J*® Wpriti at One. 1.40 The Archers. 
1.66 Shipping Forecast. 2-00 News. 
Z-02 Woman's Hour. 3.00 News. 3 02 
Afternoon Theatre (S). 3.47 Time For 
Versa. 4.00 Nows. 4.02 Ptfm Tree 
Courts in the South Saae. 4.10 Peer 
Britain , . . Lie on and below tha 
breadline. 4.40 Story Time. 5.00 PM: 
News magazine. 5.50 Shipping FerescsL 
5.55 Weather: programme news. B.CC 
New*. 8.30 My Music (S). 7X0 News. 
7.0S 'pie Archer*. 7.20 Checkpoint. 7 « 
ArereSl Language (SJ. 8.15 Ewioat: 
Cone Bonington recalls the attempt o» 
the East -North- East Ridge (S). 9.30 

Kaleidoscope reports Iron the Edin- 
burgh Festival. 10.00 The . World 
Tonight. 10.30 Radio Active fS). 11.00 
A Book « Bedtime. 11.15 The Financial 
World Tonight, 1140 Unforgettable*. 
12.00 News. 


7WBT; : . 






i ;■ " ! 

' 1 
5 l 'hL[ 




Fmancial Times Wednesday August 25 1982 






EDINBURGH FESTIVAL 


Dresden 
State Opera 


MUSIC AND THEATRE ■ 

Em merUeh, a gloomy giant) are setting; no .added japes, no tem- 
i, en by same sin ® ers peramental flouncing by the 


in all three performances here. 


performers, who are sensible 


The first of this Edinburgh 
Festival s guest opera com- 


professions checking their 
Aruxane is one of the few post- , . ■ . “ . • 

Mozart operas that fits happily mak *“P rev,ew11 ^ 
into the King's Theatre and iineSi • Werner Haseleu is a fine 


Festival s guest opera com- under the unobtrusive direction Music Master, kindly and fussy 
panics is the Dresden Stale Siegfried Kurz-the Staats- in the SchOffler vein; the Com- 
Opera, whose success with kapelle supplied seasoned poser this time was Elisabeth 
Strauss s Ariadne oaf Naxos on warmth without special graces. Hornung personable but vocally 
Monday was remarkable for ^ an Ariadne with mostly pro- constricted at* the top. The 
being so much more than the ^ncial singing does not sound weight of the evening lies with 
sum of its parts. The company like Festival material, the pro- the opera proper, which as you 
does not boast great stars, ducer, Joachim Herz. has raised remember consists of the 
though any company would be w to a higher power by beady- Composer’s opera seria in cora- 
glad to depend upon the Staats- eyed ingenuity’ — presenting it pulsory tandem with an enter- 
kapelle orenestra; in fact, only rigorously as a company opera, tainment bv a commedio troupe, 
four of the principal roles, in- no* a showcase for star turns. Conventionally, a producer en- 
cludmg the Brighella and the Hetz makes the Prologue just gtoeers some token friction be- 
spoken Maiordomo (Gunter that, an introductory scene- tween the factions, but gives 

each soprano a free run. for her 


THE ARTS 


Television/Michael Coveney 


And now for something remotely comical 

but terribly slight. Adapted horrible truth, I had taken 
by Hugh Whitemore from a myself off on Saturday aftei> 
short story by Susan Hill, It noon to witness (along with 927 
was the story of a spinsterish other masochists) Halifax Town 
daughter (played with spell- play Hartlepool. 1 was week- 
binding restraint by June ending in Yorkshire and I 
Ritchie) taking in a lodger thought, well, let’s get down to 
(Benjamin Whitrow) fn defiance basics as the managers always 




:• V'..- : x; 

Uv t\' T* 












of dead Mum's (Evelyn Laye) say on Match of the Day 
misgivings. Miss Laye slid (Sunday afternoons (his season, 
craftily .into the camera linos with promised “magazine” 
—not for nothing is she material), 
christened "Boo”— while the Basic it was, but thoroughly 
not-so-young couple swapped entertaining. Halifax’s Davison 
Strained banalities to the aocotn- scored a slick hat-trick in the 
paniment of one of those 3—0 triumph and the black No 
meandering single play slightly 3, Everion Wcekcs, is a most 
modern string quartets. promising young player. Tele- 


paniment of one of those 3— 0 triumph and the black No 
meandering single play slightly 3. Everion Weekes, is a most 
modern string quartets. promising young player. Tele- 

T enjoyed Miss Ritchie's liny vision crews should nor neces- 
explosions and the sight of warily turn up at The Shay next 


scena and contrives something 
sumptuous for the concluding 
union of Ariadne and Bacchus. 

Not Here, who keeps the rival 
troupes in each other's hair 
from first to last The arty 
opera bunch are already faintly 
ludicrous, with the nymphs reel- 
ing and writhing in RJimt-ish 

gauzes, and the sulky Nordic t * man; Trying to cope wiui ner ***"“*• x,,c " 

Ariadne is driven to fury’ and Tnnre wu:*..* . - r . . . . , _ . son’s homosexuality. though, has probably spoiled 

drink by the well-meant assist-- June Ritchie ana Benjamin Whitrow in Granada s A Bit of Singing and Dancing Benjamin Whitrow and the m * for a few raonths - 

SJJfJ? hIS 1 ^ ® acBo Tiraes Proclaimed Judes, flickering candles and which felicitously descended setting of Morocambe came into 

SL: b Sheridan’s The Critic (BBC 1. much striking of posture. and nestled in his trembling toeir own with the revelation Jul musm: Rodu Lupu plajing 

Ive come upon). Ana Pusar M - . . ' ’ English lM-uTVeiaccies a «» . . ,BO iremoijng lodger’s secret occuprt- Beethovens Fourth Piano Con- 

sings her cleanly but Monday)^ to be_a wu.cking in ^ v * erivl S. Son-biSg on the seSrom «no with the BBC Northern 


mm: 


Gillian Kartell, a wonderful month; but I do think that 
actress, in the small part of a Jimmy HiH and Co should be 
ferociously sympathetic visitor more adventurous in their 
to the library where Miss L ‘ hoi ‘ :e of Sanies cach weekend 
Ritchie worked. The play was and select more regularly 
at least better than the previous among the lower divisions. It 
week’s item in the same slot. > s there, sometimes, that you 
Combat, which featured another see what the First Division too 
overbearing mother (Joyce Red- often forgets: ihat football is 
man) trying to cope with her only a game. The World Cup. 
son’s homosexuality though, has probably spoiled 

Benjamin Whim™, and ,he for “ m ° mhs ' _ 
seiiinp or Mnrnramho ramp inin There nas been some wonder- 


net dLCitu ticaui) urn - - — _ j; .... __ . . 

without nuances, gentiv seat up satire. Kenneth Tynan, on the ^variably a disaster, an tele- 
b y a einteriopersi ^erbmenais Mtov band, nnce dubbed it the ^ere^taows"^ mnS 


S’ . 

. £ . -/V- 


urged into her rondo by the 
Music Master anxiously tapping 
his watch. (J ana Jonasova 
lacked the ultimate degree of 
coloratura panaebe, but gave 
delicious hints of a ground-level 
vulgarity which was perfectly 
Apropos. 


wittiest play In English. 


about stage convention. 


who Treasurable. too. was the to the music of Glenn Miller. Sjmphony Orchestra (BBC 2. 
mch brier *PPear*nce of John Gie 1- 1 can think of more futile jobs. Sunday), and tieorge MeiJy 
The Stid as. Lord Burleigh rendered but not offhand. Miss Ritchie, winkling, glaring, pouting and 


ng Both assessments must have minute theatre people tumble speechless either by the Drury giving nothing away, said a bopping last ednesday and for 
struck anyone who had not the process, the creative among Lane fracas or, more probably lot by squinting from the safely JhlJ nevt three iBBC 2). 
of succumbed to the first episode them set about defining new his own tactful inclination, of the geriatrics' shelier on the In Edinburgh, they are about 
of Valley 0/ the 'Dolls od ITV standards. Hence, for instance, iv^ or ? IIls 10 Balph promenade. to discuss media coverage of the 

The night before. T had been Fa lklands crisis. What about 
Eastbourne with BBCl’s ,h e French Government s stipu- 


of Valley of the 'Dolls on ITV standards. Hence, for instance, ,Accordill S to Tynan, Ralph promenade, 
as hopelessly, wide of the mark, the bleached, impeccable work Richardson overdid this part in ^ n| , lt ^ 
I doubt if anyone cares anymore of a director like WHliam . last production— jn Easl bo U me 


: ■ : 
. l, ■ e '-■*/ r ■ 


Apropos. about the debunking of ISth Gaskili with Farquhar and, OJiner as -ui 2945.) GieJ- s nviJI7er f{ V i e Special This dis- Jatiin that, in exchange for 

Besides all this pointed comic century tragic convention. What more recently. Goldsmith. S 110 e rai «ed grim, silent dis- „ raceful presentation is the son Pricing the exit of PLO 

invention, the ensembles go glows, in Sheridan's original T/ie Critic needs no trappings approval and. on reaching the Q f proeramme slipped’ into the terrorists from Beirut with the 


tourists. It wings, departed with an audible they ' taow Foreign Legion, they expect 

i but sympa- S?’ Chris Dunkley is on 'hotiday television footage to show that 



with enormous verve and text any rate, is the spirit in 0 r curlicues for tourists. It wm «£- departed with an audible schedu]es because thev know Foreign Legion, they expect 

Here’s devices actually articu- which he conducts the opera- needs merely hard but sympa- This lovely nuance Ch . x>unklev is on holiday television footage to show that 

late the lengthy duet far better fiion. And, of course, the quality rhetfc playing and a very apart, tiie evening trundled on, <f ear n0 f he's back next week) «*t in an heroic Jisbl? Both 

than most attempts at playing «f English prose that only an talented cast. Only the latter oo'^psmg altogether on a line and lhink nobof ] v else is watcb . English channels have obliged 

it straight. For definitive lead- Irishman could easily write or requirement was in evidence, ?f "on layior that goes straight . j was prenared to nut up wilh craven alacrity, 
ing ladies, one would look else- truly relish. but even Hywel Bennett as Puff, *? l0 j ■ e with it until B^rnie Winters 


-• * ^ * < ! 
■* >' V ^ * ** > = 

L . 


Ann Pusar in Ariadne auf Naxos 


where (the Dresden Strauss tra- I hate to sound pedantic 
dition has surel? faded a bit); about all this, but Louis Marlu’s 
but I haven't seen a funnier or Play of the Month production 


I hate to sound pedantic "the practitioner in panegyric” 
about all this, but Louis Marks’s whose Spanish Armada confec- 


but even Hywei Bennett as Puff, “f .J,™. *ff**™**°* with it until Bernie Winters 

"the practitioner in panegyric" P h r brought on a large dog and 

whnCB Snanieh Armaria rnnW. history Of the theatre has ever 


but I haven't seen a funnier or Play of the Month production tion is rehearsed for the benefit 
fresher Ariadne, nor one more was not only a bore, it was a of Norman Rodwav and Nigel 
sensitive — despite appearances travesty. I would guess The Hawthorne (an initially effec- 


— to the intricate structure of Critic would play for about 40 tive duo of smug, self-satisfied -Clive Francis as Sheridan. Mon- now ste ei myself for the FA 


the piece. 



minutes in the theatre. Tele- critics) was eventually defeated day readers of the Guardian TV Charity Shield (ITV 7 . Saturday) 
DAVID MURRAY vision always thinks it a tremen- by his tall win. beauty spot and listings might have believed, as between Tottenham Hotspur 
dous joke to belabour theatrical hi?h-pitched giggle. advised, thar if was delivered and Liverpool- at Wembley? I 

satire, so this version stopped One scene came off bril- by Clive James as Sheridan. I could, but with difficulty. ‘And 
only 10 minutes short of two liantly: the deflation of the late wonder if anyone laughed. Clive Tm a Tottenham supporter. You 


:'. J • . 1 - 

J ■ . r 

..... 5- 'V,- ; 

... ...' 

: * ’“Vi ; 





been perferf; if it were? no one Dorothy Tutin 3S 

would bother to come.” r ' 

Enough was enough. I decided. Q^nli Rpmti'jrrif 1 

That line was delivered by as u,e credits rolled. Could I odran DeniDarUC 
Clive Francis as Sheridan. Mon- now steel myself for the FA Dorothy Tutin is to appear as 
day readers of the Guardian TV Charity Shield (ITV. Saturday) Sarah Bernhardt in After the 
listings might have believed, as between Tottenham Hotspur Lions, a play about the great 
advised, that - if was delivered and Liverpool- at Wembley? I French actress by Ronald Har- 
by Clive James as Sheridan. I could, but with difficulty. And wood which opens at the Royal 


hours. This was partly due to Alan Badel’s 


Fretful Jenkins, perhaps. 


see, I really enjoyed the World 


the tiresome invented dialogues . Plagiary with a torrent of des- Sunday night drama was Cup. Italv, Brazil and France 
quips and even entire scenes of tractive abuse. Badel whinnied equally grim, but at least it all played football I know to 

Don Taylor. But chief culprit and haw-hawed in the face of was shorter. A Bit of Sinning be quite beyond the capabilities 

was some awful creeping notion the critics’ unstoppable vitriol, and Dancing in the “All For of Spurs, with or without 

of 18th century “ style ’’ that finally exciting as he ripped up Love" series from Granada was Ardiles. 

involved antique musical inter- his own text, a fragment of dingily impeccable Jn its way. Coming to terms with this 


Exchange Theatre. Manchester, 
on November IS. 

Mai Zetterling was originally 
announced for the role but has 
withdrawn after discussions 
about the interpretation with the 
author and the director. Michael 
Elliott. 


HolligerTElfzabeth Hall 


Andrew Clements 


The Wanderer/Albert Hall 

Max Loppert 


Cooperativa 

Teatromusica, 

Rome 


Tlie curious aim of Sandro 
Sequi. known chiefly as an opera 
..director, is to produce od stage 
the libretti of operas without 
their muses. He can thus demon- 
strate that libretti, whose emo- 
tions are not usually illustrated 
on stage h„v the director but by 
' tbe conductor, through the 
music,- may have an intrinsic 
dramatic life of their own. 

He has certainly chosen a 
difficult example for his produc- 
tion with the Cooperativa Tea- 
tromusiua of Rome. Metastasio’s 
L’Olimpinrie contains every 
operatic quirk imaginable. King 
Glisten? has twin children, one 
of whom. Aristea, rose up to be 
a princess while the other. 
Fiiintp. is abandoned, an oracle 
having forecast that he is likely 
to kill his father. Aristea is in 


Irene Worth (arms raised) in L’Olimpiade . 

love with Megacle, an Olympic , Italian, of 
champion, but the King diSr and ’the ■ 
approves of him. He removes to poetry re* 
•) Crete, where he is rescued from Some tin 

bandits by Lieida, son of the say, I w i 
King of Crete. King Clistene W.* S. GiR 
has meanwhile decided to give stasio, in 
n<iro Aristea to be the bride of the dally; bui 
pera champion of tbe current Olyp- duction ke 
itage pics. Lieida is determined to though I 
hout win her, hut being no athlete, a demons! 
mon . he persuades Megacle to com- performan 
emo- under hLs name. “It is at , 7^ 0CCJ 
a ted to* 8 Point-” says the summary from 
ft by u 1 toe programme “ that the the mono 
the P la y commences." audience, 

insic In practice, it doesn’t much those chast 
matter whether you can follow ings were 
_ a the plot or not, firstly, because to be as 
due- jt fs not toe plot that is impor- made then 
Tpa- tan ( as toe production, and Miss Wort 
ei 0 > s secondly, because Irene Worth, welcome l 
verv no iess ’ ^ on hand 10 P rovide cou *d not t 
rjjjo a commentary on the action. out of. her 

one We have a plain stage, and 

3 be changes of scene are indicated J™ ‘ * .ff* 

her. very cleverly by the varied use 

acle of translucent white curtains ^ ™ de 

kely The recitative is spoken as if p ^ y * 

s in for a theatrical performance (in 


.Italian, of course), but tbe arias 
and ’the -choruses as if for a 
poetry reading. 

Sometimes, I am bound to 
say, I was made to think of 
W.* S. Gilbert as much as Meta- 
stasio, in the choruses espe- 
cially; but in general the pro- 
duction kept me interested, even 
though I felt 1 was attending 
a demonstration as much as a 
performance. 

- The occasional laughter, both 
from the Italian-speaking and 
the monoglot sections of the 
audience, made me wonder if 
those chases and misunderstand- 
ings were meant by Me tastasio 
to be as funny as Mr Sequi 
made them appear to us. Even 
Miss Worth, a hundred times 
welcome back on our shores, 
could not always keep a chuckle 
out of.her voice as she steered 
us through the thickets. 1 hardly 
need to say that the lost Filin to 
is happily rediscovered, living, 
like almost everyone else in the 
play, under another name. 

B- A YOUNG 


The third of the Amadeus 
Quartet’s recitals at this year’s 
South Bank Summer Music 
brought with it on Monday 
Heinz Holliger to play Mozart's 
oboe quartet 2C370. Mr Holii- 
ger*s appearances during this 
short season are timely, for he 
has become a relatively rare 
visitor to London of late and 
there Is a tendency to underrate 
tbe quality of artists one once 
took for granted and now hears 
less frequently. There are 
other oboists around who 
perhaps have a richer, mo-re 
creamy tone; no one has Mr 
Holiigcr’s sovereign control, his 
dynamic range nor his effortless 
articulation. 

In the oboe quartet these 
capabilities were generously 
employed, though always within 
the ambit of a performance 
that was rausicianiy and scrupu- 
lously tasteful. Phrasing was of 
a refinement that put even the 
Amadus players in the shade, 
crystalline melodic lines seemed 
to defy the natural laws of 
breath control, entries — at the 
beginning of the slow movement 
most spectacularly — allowed the 
oboe tone to grow from nothing 


to full voice in a single, un- 
blemished "line. 

If the Amadeus were very 
much the junior partners in this 
performance their form in the 
rest of the evening . suggested 
that the spotlight had been 
quire tactfully directed else- 
where. Haydn's C major quartet 
Op. 54 No. 2 had a confidence 
in which Norbert Brainin’s im- 
provisatory decorations to the 
Adagio was the high point, but 
Schubert's G major quartet 
began uncertainly and deterior- 
ated. Over the last two move- 
ments, especially, a respectful 
veil must be drawn." 

* 

For the second week of 
Summer Music the early-evening 
slot in the Purcell Room is 
being filled by six singers from 
the London SIn/onierta Voices 
in programmes of Wilbye and 
PouJene. If the first instalment 
on Monday was an accurate 
harbinger of the remainder it 
will be a rare treat, for the 
Voices, directed by , Terry 
Edwards, have evidently pre- 
pared these short concerts with 
great care. 


• Proms setting 
of magnificent 
English poem 

The Wanderer, a big piece 
(50 minutes in length) for bass- 
baritone solo, large chorus, and 
orchestra, by Naresb Sohal, was 
given its first performance by 

the BBC Symphony Orchestra 
and choirs at the Proms . on 
Monday. Sohal (b. 1939), who 
spent the first half of his life 
in India and has spent the 
remainder so far in England, 
has previously been admired for 
a series of delicately fashioned 
instrumental and vocal works 
(notably among them Dhyan 1 
and Poems of Tagore 1 that 
revealed a fundamentally 
oriental artistic outlook, tran- 
scribed and rc-created with 
sensitivity and intelligence for 
Western instruments and ears. 

The new work, which takes 
as its text (apart from the 
disputed opening and closing 
lines) tiie full length of the 
magnificent Anglo-Saxon poem 
in Michael Alexander’s transla- 
tion. marks a transformation in 


that outlook. Though Sohal’s 
characterising fondness for un- 
encumbered textures < often no 
more than a lyrical line high 
above a clear-cut bass) may 
still betray his origins, the 
atmosphere of The Wanderer 
is fittingly charged with the 
dark, brooding colours of the 
poem; there is set up in the 
music a creative tension be- 
tween the distinctively Euro- 
pean epic manner of the verse 
and the composer's methods 
which gives the work both its 
individuality and its dramatic 
energy. 

The poem is a bleak vision 
of man’s harshly unaccommo- 
dated movement through a 
hostile world; and the musical 
response to it enlists images 
simple, powerful, and on a first 
hearing unfailingly effective. 
High strings shimmer in icy 
freruolando, or take sinuous 
melodic shapes (usually falling 
lyrically downwards through an 
initial semitone): piles of 
fourths, fifths, and tritones 
supply a sense of empty space 
and also the harmonic resources 
so deftly tapped for dramatic 
ends; a fatefully bearing pulse 
breaks out, at times in staccato 


choral bursts (at one point 
taking the first sopranos to top 
C sharp), at times lurching in 
the orchestral depths. The 
language of the composition, 
flourishing ostinatos and spoken 
irruptions for the chorus, 
focussing particular significance 
of expression upon the solo 
singer, combines angularity and 
simplicity of utterance. 

The Wanderer makes an im- 
pact; the large audience, 
though it may have come 
mainly to hear The Planets in 
the second half, was obviously 
held. And so was I. while won- 
dering more than once whether 
its effectiveness was not, some- 
where at its centre, crudely 
opportunistic., and while ques- 
tioning whether there could be 
any room for further dis- 
coveries in a second hearing. 
This is a choral composition 
that could well be taken up by 
more than one grateful choral 
organisation; indeed, this may 
be Sohal's first big popular suc- 
cess. Andrew Davis, a regular 
Sohal champion, conducted a 
lucid and authnriiative perform- 
ance. admirably paced, with 
David Wilson-Johnson (gritty 
of tone but accurate of musi- 
cianship) its bass-baritone. 


THEATRES 



AMBASSADORS. S CC 836 1171.' Gnj. 
»35l 379 M»l. T lets _{•£-*** 
ia in m, «, Eves B. Toe Ml* J-®, * 
. &M Mai S.o Play* Bawe hoIiMt 

MrrftfLfrv fljVffl 300 PERFORM* 
Helene 84 CHARING CROSS 

swltf. ..vSth Dor mb Mantle. Bonole 



ATOUB -VILItml*. 01-1154 6177. 

^nOUl).- UUBB b LERNKT * 

EoSwtS^-CAMEtor. CREDIT CARDS 
0MW- uSsT-GROUP SALES 01-379 
\ 5«si. ITD> SEASON! NOV. 12 TO 
MAW • T r 0WL3f. . 

..." •-.* • 


* 01-62B 879S. CC 01-618 
W*t 10- *01-8 pm. sun 12. SO- 

D1-8ZB 720S. ROTAL 
WFCOMPANV. BARRICAtl 
Qrt*y-*-»a & 7.50 seat* 
SKSNtGkrS DREAM (run; 
(OUT IV n II wvN avail 
seats a.flO Iran 
Wf wr tOBt 7-30 DOLL’S 
JfeMM,-*un£ 3 nrw. ftSC »t 


WM zGBK 

sm 


%s s " 0 ,sr,sg: 
_ n_nB.“8 

RfttUtt Pill" Institute 


CM (CHESTER FESTIVAL ™»TRE. 0243 
781312. Season sponsored Martini 
ft Raul Ltd, GOODBYE MR CHIPS. 
Tout 7.30. 


COLISEUM. S 83* 31*1- .CC 240 5258. 

ENGLISH NATIONAL OPERA. Ton's 
-7.30 THE MAKROPULOS CA&L. ■ Jonw 
7.30 THE BARBER OP SEVftAE. Frl 
7.00 CABMEN. Sat 7.30 TOSCA. Some 
seats avail it doors eich dev* 



M-7. Credit PALACE, CC 01-437, 6854. CC Hotline 
So 4025-6. 457 8327. Andrew LlOvrf- Webber's SONG 

7.30. Sat AND DANCE, starring Gemma Craven & 
HOLIDAY WAYNE SLEEP. Due W overwheliriln? 
THEATRE'S demand now booking to Jan T683. 
INTER- Evgs 8.0. Frl £ Sat 5.45, A 8.30. Some 
FRANK good aeata still available most peril. 

IV PETER Group silo* 437 6854. 379 8061 ■ 

HALL, with 
JCT. 2. 


KINGS HEAD. 226 191 E. Dnr 7- Show 
8. I’M JU5T WILDE ABOUT OSCAR, a 
musical bt Panny Faith 4 Howard 
Samuels. 



PICCADILLY. _S. Alr-cond. <50§:_ CC 
379 6S65. Group sales 01-836 3962. 

sJl 9 5 6 30 1 A M 8°1S Fr StUden|* /1 |3Jof d P?a , vi SAVOY. S 01-836 8888. CC 950 9232. 
SHa’k ESPEAR E M CO MpaSi Y SB in "°Wlfly S !o" ' °SS 0? ^MICHaIl FRAYN'S 'hfEW 

IS¥r LT.£ %t “ T, “ 0 " rT:K Sia-fE ffiSMS: Dl "~* 


01-437 7373. .. 

[ the Broadway ~ 

knum M Hptn!E2 PRWCE 8DWARD Tim Rice end Andrew 
161 lor Inrant Llord-Webber i EVITA. Dir- Uv Hal 


■ pre-xbour * 
seat only. 


MATINEE 
DOORS. NOW 
5 1963. 


CRITERION. S Alr-cond. 930 321 [8 . .XX LYRIC HAMMERSMITH, S CC 05-741 
379 M65. Cro redurtlon 836 3962. ssjl. 01-200.0200 <24 hrsi. tops 7.30. 

Mon tofhur- 7 . 30 , Frl * sat 6.00 8. 7hor3 mM z ,3q Sat <-30 A, 8.15. SHE 


Lloyd -Webber's EVITA. Dir. bv Hal 
Prince. Ergs 8.0 Low orke maU. 
Thor A Sat 3.0. E»C perr* end 1 D. J 5. 
Bo. Olhee 437 6877. CC Hotlines A39- 
8449. Gro sales 379 G061 or Box office 
inlt. 24-hr biros. TeleU.ta 01-200 0200. 


COMEDY 'noises Off. Directed by 
MICHA|L BLAKEMORE. 

ST. MARTIN'S. CC 836 1*43- ■ E*ea 8. 
Tues Mat 2.45. Saturdays 5 ft 8. 
Agatha Christie's THE MOUSETRAP. 

World's lonpesl-ever run. 30th Year. 
Fully alr-iondiwoned theatre. 


F.T. CROSSWORD 
PUZZLE No. 4,957 

ACROSS 

1 Party-game? (6-2-6) 

10 Faced pole (5) 

11 U.S. toeing’s unreliable — 
foot-fault state? (9) 

12 Bevan's Bl? (7) 

13 Ruined OPEC's export- 


8.4S. PLAVS BANK HOLIDAY MON- 
DAY. 0*er 400 performances. DARIO 
FO'S COMEDY .CAK’T PAY? WONT 
PAY! Students *U seat* £3.50. 



STOOPS TO CONQUER. Oliver Gold- 
smith's comedy. Directed by William 
GaskllL 


LYRIC THEATRE. Shaftesbury Are. Bar 
■ Office 437 3685. . 7 el. Credit art 

bkn accepted. GLENDA JACKSON. 
«EORGINA HALE In SUMMIT CON- 
FERENCE. A new play by Robert David 
MacDonald. Evfls 8.D. Mata Wed 3.0. 

sate s.0. - 


MAY FAIR. S CC 629 3036. Mon-Thors 
8.00. Fr< and Sat 6 A 8.30. Richard 
Todd. Derren Nesbitt. Carole Mowlam In 
THE BUSINESS OF MURDER. SECOND 
GREAT YEAR. " 


SHAW. 01-588 1394. NatJenal Youth 
Theatre in Peter T enon s Epic Farce 
THE BREAD AND BUTTER TRADE. Last 
4 dart. Evgs 7.30. Mat Sat 2.30, 


PRINCE OP WALES THEATRE. 93D 4 dart. Evgs 7.3U. Mat tat i.so. 

8681 CC Hotline 930 0846 or Telcdata — — 

S I .300 0200 124 hr bLgsi grouo sales 

1-379 6061 1 or bookings on encr>. ROY y au DeV | LL E. CC 01-836 9988. 01-930 
HUDD. CHRISTOPHER TIMOTHY In v ?233 fa MOIRA LISTER PATRICK 


UNDERNEATH THE ARCHES. The smash 
hit family musfcal. Mon-TriUf 7.50. Frl 
ft Sal 5.1 S 4 S 30 SPECIAL RAH E4 
ANY TICKET, children. OAP*. Student!. 
Mon-Tnur & Frl 5.15. 


CARGILL. BARBARA MURRAY, CL YN 
HOUSTON. KEY FOR TWO. A new 
comedy bv John C (woman and Dave 
Freeman. Previews Sent 6 & 7. Opens 
Sept 8. 


QUEEN '5. S CC 01-734 1166. 439 3849. 

4031. 6-cdlt card 01-930 92 3^. Group VAUDEVILLE- CC 01-B3B 9988. Eves a. 
sales 01-379 6061. Evcnlnqs 8-00. Mat Z.4S. Set* 5 A 8 GORDON 

3.00. Sat 5.30 5 8. 30. ANOTHER JACKSON in ' AGA1TIA CHRISTIE'S 

COUNTRY fry Julian MJtiMI. CARDS ON THE TABLE. Fulhralr- 

conditloned MINI .MONTHS. 

RUN ENDS SEPT 4. 


NATIONAL THEATRE. 


or lea mau 4.- 
Cervaircea^ T< 
DOLLS- 

LYTTELTON (l 
Tomor 7-45 UR 
-COTTESLOECi 


S 928 2257 

OLIVIER iOKfl ataoel Today 2.00 Uow 
nr lea mau &--Z.1S DON QUIXOTE by 


•■2.1 5 DON QUUCOTE .IW 
Tomor 7.15 GUYS AND 

(nraKnlum stage) Ton't 


RAYMOND REVUEBAR.ee 01-734 1593. 
Man-Sal niflhtly 7pm. 

RAYMOND orwents THE, FESTIVAL OF 
EROTICA. Spee.il eoneesslan lo merrbrrt 
Of HM Armed Farees. Admission £1.00 
to anv 7 pm pert. 25th sensational year. 


^^U^^A^fcbs^ "OUNDHOUM. 267 Z5«. OXFORD 

WTTriUw email jrjKHfflrlairf — low l st n,S°L. 



teTiuuxunuii auotturiam — low 
orjte xJrCS) Tem't 740 TM BEGGAR'S 
OPERA by John Gay. Tomor 7.30 DON 


JUAN. Ton't 6.00 An Honourable Man. 
a play by Alan Drury. 45 min Platform 


ORCHARD. Dir. bv Mike Alfred. Evgs 
8.0Q. Last week. 


Perl all tlrts C1J1. 

Excel lent cheap teats alt 3 theatres and 

STANDBY hi Olivier/ Lmtl ton from lb , .... 

-am on day. Car park. Restaurant 928 8. DO. Plays Bank Hoi. Mon. 

- 2Q55. Credit card bkns 928 5933. 

NT al» at HER iXfijESTY'S. 

ROYAL COURT THEATRE UPSTAIRS. 

NEW LONDON. CC Drm-v tan*. WC2. ^ 

01-405 0071 or 01 -404 40?9. Evi 7.45. Evtrl 7,S0 ' 

Tues and. Sat 5.0 & ,7.45. The Andrew — — — 

Lteyd-Wcbber«T. 6. El»l Award Winning ccctivai hah 01-928 S191. 

musical CATS. Group aooklnai 01-405 ROYAL Q J < j i" e to wzjon fesTI VA L 
1567 or 01-379 6061, LATECOMERS r sft Sit S 00 

NOT ADMITTED WHILE AUDITORIUM ?*LLBT Ton t to Frl eves 7.30 1 Sat 

IS IN MOTION. PLEASE BE PROMPT. * 7. SO U Sylphlde (Ton t Evodmkovaf 

NOW BOOKING TILL JULY 1983. SchauluM larsenl. 

OPEN AIR REGENTS PARK. S 486 2431 ROYAL OPERA F,Sy. EN J.?* 2?!!* 

instant credit card bookings 930 9232 5. 2-0 ,p!£?n 

THE TAMING QF THE SHREW tsnmht. 10 am-R SO tBI iMpn-Frli. Bw-M 


WHITEHALI- 939 6975-6975 and 830 
66™768. ROBERT POWELL a* Philip 


7^° 

(Hr wetf 2 30. Sat* 4.0. DONALD 
SINdhE. FILftNCES DE LA TOUR. 
RONALD PICKUP. SHEILA GISH. BILL 

^^jac^^RY^^- 


maYMARKET THEATRE ROYAL- 930 
MsS From 5ept 7 LEONARD ROSS ITER 
M THE RULES <W-THE GAME b. Lulol 
plrcfuMllo. Oiracwd by Anthony Quayla. 


ROYAL COURT. 5 CC 730 1745. TOP Marlowe. LB* M0«7AGU£ « Rivnwnd 

GIRLS bv Caryl Churchill. Prevs from Chandler In FR'VATE DICK with ho""!? 

fnToFoSSn Sent 1 at 7-0. Sub Evgs LffthJ«n and 

8 00. Plays Bank HM. Mon. I "m.“'l Cri 5 pm 

8.45 Pm. 


NEW LONDON. CC Ofurv Lane. WC2. 
01-405 9072 or 01-404 4079. Evi 7.45. 
Toes and. Sat »-0 & 7.45. The Andrew 
Lteyd-Wcbber-T. S. Elwt Award Winning 
musical CATS. Group Booking! 01-405 
1587 or 01-379 6061. LATECOMERS 
NOT ADMITTED WHILE AUDITORIUM 
IS IN MOTION. PLEASE BE PROMPT. 
NOW BOOKING TILL JULY 1983. 


Inuant credit Lard bookings 930 925Z 
THE TAMING OF THE SHREW tonight. 
Thur A Frl 7-45 Mat Thur 2.50 A 
MIDSUMMER NIGHTS DREAM Mat 
today 2-30 Sat i30 A 7.45. Final week. 


10 am-R 30 pm iMon-Frli. ns-** aearen 
•KK With OCR RING NES N«eLUN. 
QCM. Firi: pert Mon Sept 6. Tfcts avail 
from £10. 


WESTMINSTER. 01-834 D2fi3.SfPT1^ 
DAILY 2.30 A 5-30 ROALD DAHLS 
JAMES AND THE GIANT PEACH- 


WYNDHAM'S 5. Alr-cond- 8S", 3 . 02 ®- CC 
579 6565. Grp reduction! 836 3962. 
Mon tl Sat 8 00. Plavs Bank Holiday 
Monday 4u> IB- ROBIN ARCHER in 
A STAR IS TORN, 


YOUNG VIC /Waterloo'. 02S S3B3. Em 
7.30. Sat Mat 2.30. EDWARD FOX In 
HAMLET. SMD £2-30. No Pert Au B 30. 


13 Ruined OPEC's export- 
hastened round (7) 

14 Intensity of small section at 
hospital (5) 

16 Such a gratuity can be 
appealing (6) 

19 One knocking farm-machine 
running on semi-derv (9) 

20 Clean sort of cavalry-weapon 

(S) 

22 Ex^-eeption keeping it in the 
family (7) 

25 Whole, for example, In Bury 
(7) 

27 Central tie on a girder (4-5) 

25 Man’s punishment that 
grows (5) 

29 Thomas Percy's relish? (9-5) 

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8 ... the rest live round the 26 Shin up first-class piece (5) 
bend (7) 

Solution to Puzzle No. 4,956 

9 Ply in London street (6) 


^ 15 Cardialgia, Keat s first symp- 

DOWN ton? (9) 

2 trouble, conveniently 17 _^ s herring is served, one to 


(2. 3, 4) 


add dressing needed (9) 


3 Nocturnal climber of the 1S CE prajing amounls , 0 

wail m Pans (5) hymn of praise, say (9) 

4 alumitiated 19 Viking code of Anglo-Saxon 

ulununated (8-3) England (7) 

5 Thus faithfully we remain 

in business? (5) 21 Basic soil, over a yard (6) 

6 Ideal trio arrangement for 33 Coming before a superior 

leader (9) <5) 

7 Live fit by day . . , (5) 24 Patch a cuff (5) 


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THE MANAGEMENT PAGE 


Financial' Times. Wednesday 'August 25-19S2 


EDITED BY CHRISTOPHER LORENZ 


When switching markets 
produces a breakthrough 

Jason Crisp continues a series on companies exploiting the liberalised 
UK telecoms market with a report on Norton Telecommunications 


" WE ARE withdrawing totally 
from any research and develop- 
ment, activities." says Peter 
MurrLs with some relish. But if, 
as chief execunve of Norton 
Telecommunications, he sounds 
as though he is trying to defy 
conventional wisdom, he can 
point to past experience when 
developing its own products 
proved nearly disastrous for the 
company. 

Now. Nun an believes that its - 
strength lies in selling other 
companies’ products into the 
markei? if knows. Principally 
an installation company, u-u’h 
some manufacturing activity. 
Norton is now adaprmg tn 
become nuu-h more of a market- 


tcQ, 



After the 
Monopoly 


year-old company. 

For a start Norton ha«. firmly 
grasped the coal-tails of Milel, 
the extraordinarily fast growing 


countries. including the Middle W '“"SLion parti cObrly 
East — many through Nortons «,, B tnmers 


offshnol in that region. ^ar-e'' estTb!r?h 

Norton was bnm in 19.1 as mun i ca tions suppliers— began 


Canadian telecom inunicntions a remnant or the rather grey tut ^ck on sub-cnniracted 

company, li is one of just three ar ca of telecommunications sub- wor |- (a do it internally, 
organisation-; licensed to sell conn-acting which had pro- _. rf pn( >nrience on outside 
Mild private telephone liferated throughout the 1960s. *’ J* p affected Norton’s 

exchanges < PABXs) in the UK. Then, many good telephone ' nd it lje „ an looking 

The other uvo are British engineers, trained cither by the ". a v to find its independ- 

Telccom itself and ICL. Post Office or one of the major 8 ih*. leisure 


Telecom it-elf and ICL. com umcc or one or ine major ■ - . f - B . tu i v in® the leisure 
Britain’s largest computer suppliers, like Siandard Tele- it t 0 diversify 

manufacturer. phones and Cables and Plesscy. ,n ? us ^ ‘l^'f rJnrinn cldms 

Although Norton only has a became freelance sub-confrac- !J 1, ° * ’ * which was 
turnover of around f-Vm. it rs Tors installing equipment such * develop. id ^ e wh,ci , was 
now talking of selling £7m as PABXs. Rather like builders The first lo have ; colour and 
worth of Mitel large and small on the “lump" the self-employed considerable ‘Lxib . 

PABXs ne.vt vear. even though engineers could make much lenis aro&e in 0 euing the . 
th n market for these products mure money than when em- completed ot me n - 

is not scheduled For hheralisa- ployed at the Post Office. custom-made microchip 

tion until the summer, tit may When the Inland Revenue game. 

bp nussIMc lo start selling them started to crack down on the Norton saw . 

earlier ori in? grounds i ha i BT engineers a number of com- coldraine fading as it missed tn 
is already doing so.) Total panics, such as Norton, were ^ 1-5,1 Christmas P en ?d Lnrouzn 
turnover for next year is formed lo continue the sub- technical problems. Then it was 
expected at least lo double lo contracting. Morris. who hit by low-priced competition 
£10m in £J2m. says Morns. joined Morion after it was from established semiconductor 
The Mitel deal is going to be founded, says of The circum- companies which used their 
a crucial factor lor Norton if stances which led lo its substantial economies of scale 
it is going to catapult itself creation: “It enabled us to carry to undercut Norton's specialist 
from being a riny — although on and do what we had been chips. Finally the TV game 
reasonably successful — telecom- doing before in a more legiti- market collapsed for lack of 


munications sub-contractor into mate and acceptable way.’* demand. 

a significant company . . . which About a year later Norton was For Norton the investment 
is what it hopes to do. approached by. IBM, the U.S. had been major. “It very nearly 

Mitel’s PABXs have heen very computer giant, Tt was looking killed us.” reflects Morris, who 
successful around the world. In for companies to instal its new now believes the company 
.inn a few years it has become electronic P.VBX developed for should keep to the business it 
the second largest supplier of the European market and knows — telecommunications. 
PABXs in the U.S. after which became the first to gain After the video games disaster 
Western Electric. Ir also Post Office approval for installa- Norton began another diversifi- 

hpcame, after aggressive lobby, tion in the UK. The installa- cation — this rime of markets, 

ing. the first company to break tion work is the complex task The two major areas it began 

the ring of traditional suppliers nf wiring the frames and the to concentrate on were the Irish 

to BT and win sizable orders whole installation rather than Republic and the Middle East, 






the alteration of the sophisti- 
cated software. 

A great number of companies 
had been asked to bid. says 
Morris. He believes Norton 
was asked as well simply 
because it was in the Yellow 
Pages commercial directory. 
Since then, it has been one of 
the major installers of The IBM 
telephone exchanges. 

Norton also became involved 
in manufacture in the early 
1970s. Jt began making auto- 
malic test equipment for STC 
and the other major suppliers. 
The key io its success then, 
very much as now. was its 
abiiitv to respond rapidly and 
complete an order for equip- 





Hugh Hourladga 

Peter Morris: “ The companies with the best product will want us 
to sell them ” 


selling anything from manhole 
covers lo PABXs. 

Norton has achieved more 
than one remarkable coup in 
the Middle East, where it sold 
51 per cent of its subsidiary in 
.January to its local partners. 
Earlier this year, in partnership 
with the Italian company Italtel. 
it won a sizeable contract for 
microwave communications. The 
main competitor was Nippon 
Electric Company of Japan, 
probably the leading inter- 
national supplier of microwave 
communications systems. The 
contract is a significant feather 
in the cap of this small Luton- 
based company. 

The Middle East now 
accounts for about 40 per cent 
of Norton's total turnover in 
the current year. The company 
hopes that considerable expan- 
sion in the UK will reduce its 
dependence on this area. 
Approximately 20 per cent of 
Norton's business still comes 
from the installation of the old- 
fashioned electro - mechanical 
Sirowger PABXs. mainly in the 
UK. 

Its Strowger business has been 
substantially lower than antici- 
pated this year. Nevertheless 
Morris remains optimistic that 
there is still some ILCe In the 
dying business of Strowger 
exchanges. Because of the 
recession companies are more 
likely to extend existing old 
systems than buy new electronic 
exchanges, he feels. 

Probably less than in per 
cent of Norton's turnover is now 
the installation and wirinz of 
IBM exchanges, which are look- 
ing relatively antiquated in 


comparison with the current 
generation of digital electronic 
exchanges. 

Norton has a small manu- 
facturing operation in Hinckley, 
Leicestershire, making parts for 
the old - fashioned Sirowger 
exchanges and logging equip- 
ment whicn monitors calls 
through private exchanges. It 
is also licensed to make other 
equipment. But. says Morris, 
“ We are reshaping the com- 
pany into a sales and marketing 
operation. If we become very 
good at that the companies 
with the best products will want 
us to sell them. It comes down, 
directly to our greater ability 
to penetrate a market much 
better than outside companies." 

Norton is currently owned by 
a small group of institutions 
and individuals, with two *f the 
directors owning 24 per cent. 
Morris is. however, keen to 
achieve a public quotation for 
Norton although the timescale 
is not yet clear. One reason is 
to give Norton the financial 
muscle to acquire other com- 
panies in the field. "Liberali- 
sation has given the 

opportunity to seek acquisitions 
of substantial telecommunica- 
tions companies which are 
lacking in direction,” says 
Morris ambitiously. 

He sees Norton as primarily 
a telecommunications market- 
ing and installation company; 
this is why it is abandoning any 
attempts to do its own research 
and development And for the 
same reason it is unlikely to 
extend its small manufacturing 
operations. 


BOARDROOM BALLADS ; ; j- ... • 

EYE OF THE BEHOLDER 


In the country of the blind 
They say the one-eyed man is king; 
But here, inhere most of us have eyes , 
The Government won’t .see a -thing. 

At least, it seems that whattkeysee, 
About their promise • in the shy. 
Requires perception of .a - kind- 
Denied the banks , or CBI m . 

■ - 

For empty order books must-be ■■ 

The wicked artefacts of 'tkose - 
Who look, but hare not . eyes' to see 
The holy emperor’s new clothes. 

★ 

Companies appoint receivers. 

Languish in intensive care. 

Mainly since the non-believers 
WiU not see what isn’t there.. 


Possibly, well, get the ■ message . 

1'f they dll.once more 

That we're -.bumping, oh. the bottom. 

Not .collapsing through the floor ; 

Acolytes of mis religion: - 
Must affirm that Swigs' are better. 

Even' though « fern. -disloyal 
Businessmen are getting wetter. 

The sacred- pUuie wfigefc the priesthood 

Gains this transcendental view 
Is mainly Downing. Street and. Whitehall, 
Not the unemployment queue. : ■ 

Glasses- f (nr the. tusperceptive. 

To reveal this growth and wealth. 

Rumour has it are. on offer . 

Gratis, on the National Health. 

- Bertie Kamsbottom 


Next week: 'The executive; commandments 


Increased 

asset 

I run a petrol station and 
some years ago made a deal 
with an oU company that. In. 
exchange for the exclusive 
right to supply me with 
petrol for 10 years they 
would advance me £50,000 to 
turn the station Into a self- 
serve unit. Two clauses in 
my contract were (1) that Z 
was to complete the work In 
three years (this has been 
done) or else return any 
money not spent, and (2) I 
could terminate the contract 
at any time but would have 
to pay the oil company at 
£416.66 per month for the 
unexplred period. 

In fact Z had to spent! 
considerably more than the 
money advanced by the oil 
company. L How can the 
Inland Revenue now claim 
that I have an increased 
asset, when the highest price 
I have been offered for the 
freehold Is two-thirds what 1 
could have got for It four 
years ago? 2. How can the 
Revenue claim that the 
£50,000 received from the oO. 
company was a gift, taking 
into account my contract 
with the company? 

Your accountants are really 
the only people who can help 
you. because they know the full 
background facts. We cannot 
quite see what is behind, your 
questions, so our replies must 
be of limited value. 1. The 


expenditure doubtless resulted 
in the drop In value being less 
than it otherwise, would have 
been; so the expenditure, effec-. 
tively enhanced the value of the 
property. 2. The oil oompany's 
contribution to the expenditure 
was not a gift; it was made for : 
commercial considerations. 

Private > 
company 

I was surprised by your reply, 
to the. letter headed "Private 
company iu Business Prob- 
lems on July '14. Toil state: 
“There will in all . .prob- ■ - 
ability have been no. divi- . 
dends declared in a 1 company 
(ie, private, limited) of the 
•kind you mention... . I had 
hitherto . believed that such 
companies were required by 
law to declare a’ dividend of . 
60 per cent of after-tax profits. 

I would be obliged if you 
coaid tell me Whether I am 
wrong on this point, or Is 
there some legal method' of 
“ avoidance . 

Your assumption is -not cor- 
rect. A private limited com- 
pany (ie. any company which is 
not a public limited company) 
is not required to declare any 
dividend however . large .- - its 
profits. 

Governors and 


guarantors 


I should be very grateful for 
your comments on whether 


the board of a company 
limited by guarantee has any 
^obligation _{o admit guaran- 
tors ' as envisaged^ in the 

- company*? articles' Of assoCia- 1- 
■ tion? Has tbe registrar .of 

- companies any powers in this 
areal This. arises in respect - 
of a- non-profit making com- 

-pany whose principal object. 

' Is the provision of housing- 
management services. Thu 
.articles of .association, say 
that the number of guaran- 
tors the company proposes to - 
be 'registered is 50. At' 
present - the - guarantors 
; appear to be limited to tbe 
-two subscribers. Who are 
apparently also; . the sole 
governors. Incidentally, is it 
still- . possible : to ipspect a 
: company's file Jn-Xondon ?' 

■ ‘Where please? •'-•••’ 

•/. There Would normally be tio 
obligation on. . the board to 
admit members' -;whpre the 
number of existing members .-iff 
below the limit provided In its 
artides^-see Article 3 of Table 
C-ribut the articles' themselves 
should be- examined to see if 
there -is any provision to -the 
contrary. Inspection of <8ie 
company’s- file would now have . 
to be- effected at the companies 
registry in Cardiff; it can . nn 
longer be done, in London. 

No legal respbrr'iibfflty con ..be 
accented by the Financial Times 
for . the- answers given In these 
columns. i.A/f Inquiries will be . 

. answered by post - as soon as 
possible. 


vl:'. 

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You get all this in Singapore Airlines Business Class with one very special extra nobody else can offer. The kind of in-flight service even other airlines talk about 


l£**T.v3 















KnaAdal Times ^Wednesday August 25 1982 


t 

r$P 


Wednesday August 25 1982 







Slack trade and excess capacity characterise most sectors of packaging. 

But the industry has trimmed its labour and other costs and in programmes such as 
waste recovery is seeking to adjust to the demands of the eighties - as explained in this survey 

written by MAURICEiSAMUELSON of our Industrial Staff 


r v 


■ ■ ■/ 


A 1 i. . _ • i opment to which, the packaging materials are most suitable for and of the rise of the stiper- 

£\ I RfT T fl CnRl PTy C manufacturers have felt obliged packaging which commodities, market 

-A ^ u to respond in a variety of ways. Ia the past metal, g8ass and Jhis trend was highlighted in 

* To deal with criticisms of paper used to dominate well- a recent report by Euromonitor 

_ ^ 1 1 waste, -manufacturers have step- defined areas. Now no ODe Publications* of London which 

C fl ST! ai tier fl Pin QtirlQ ped up their involvement m material dominates the packag- concluded that effective paefcag- 

vXmi.XfiiAX^ vXvlXXCllXvXu reclamation and recycling, pro- big any one pan of it jng could form the basis for 

grammes. The aim is not only to • ^ there is a growing trend successfully launching new 

• escape public censure but to towards more flexible containers products. Changes in packaging, 

PACKAGING IS among the least understood vet induce their own raw material «Mb°dying a vanety or it added, “can endanger the 

most apparent phenomena of the industrialised ^ .Ms Sti IES5ZSL 

world. And in the 1980s it is undergoing changes demonstrate the responsibility too, the packaging manufao rans. In other words, packaging 
ac nrafnnnri ac fjinca iQ 7 /i e *u A ie * ls towards the consumer turers influence more than just can hold the key to success in a. 

as proiountt as tnose in tne 19 70S, wnen tne age f 0r products it helps to sell, the containers they provide, more positive way than any 
or affluence passed its peak and the view began to At ^ Sime tlme sel£ ' Metal Box, for example, is play- other factor in the marketing 

em 5S e iV ,at ®“ y rt ** been eXCeSSively and & “ ‘SSSSi •"S.'XS ”?he import™* of ft* self- 

wastefnlly overpackaged. SSSTm tf; which wHl sell best both in service supermarket can be 

; ; To the extent that most people are at all ' stakVin paSging in ^T?hird «5*« nSfij ! n JK 


CONTENTS 


Plastics 

n 

Metal 

a 

Paper and board 

n 

Glass 

u 

Recycling 

ni 

Machinery 

m 

-Flexible containers 

in 




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■■ ■■>"■/' : ' J. . to 
. swd-.i**?*' : -ri 
■ *' % ' ■ 


a. 





for the products it helps to sell, the containers they provide, more positive way than any. 
At tw cp lf Metal Box, for example, is play- other factor in the marketing 

SMM? - “ asssu^V 2 ~ -■ 

dusmr to try to increSe ifs wWch wiH seE best both in service supermarket can be 
ousirj to cry to increase its iti dpw a***. k. 


CONTRACT PACKAGING: A small, discreet but expanding 
sector of the industry is formed by companies performing 
packing operations for manufacturing clients on a contract 
basis. As shown by the illustration above of sachets by 
Lancepack, one of the leaders in the field, clients include big 
brand names 


ESTIMATED UK MANUFACTURERS’ PRODUCTION/SALES 
OF PACKAGING MATERIALS 


conscious of packaging, they now readily identify Jforid m order to offset the 


types such as plastic food 1980 they had come to account 

“ cans,” whose entry to the for more than one third of food Paper for packing and wrapping 


— — — x O—OJ “»vj ““ ■■ - V /liffiniiltifts ,v 0 : n< _ o»TMnsn^ in C3US, WHOM? CUII.V LU me Jl>r JlltJJtr LiWHl Oiit UJIXU OX ZOIXZ «» r 

it with the unpleasant spoil tips of the consumer JXoned eou^esT market place is now surpris- sales in the UK and 15 per cent p ape r sacks 

r pea cou tries. inrfy dose. of total retail sales. As a result r 


society. 


In itheir home markets, how- 


in gly dose. 

Changing social habits are 


luiJi I oid ix aoici. a iesuu I J , , , . ... 

self-service has been introduced Faper bags carrier bags 


But that is only the familiar tents, to be handled and opened ever, the western packaging ; nvo i ve | i n SUC h curious int& raan 7 other shops as well. Fibreboard casest 

negative side of the coin. For conveniently, and to keep down manufacturers face the prob- nnrpl H« as the sale of liauid exposing the customer to the carton board for folding cartons 

4fitk Tim Tf in ti'Iti mm +1, a ■ 7 ^ fTtc flnf rif 0V)i an ft ah Iii ft" a/ . . * >-7 1 aP ttvtirao. — — - 


way in which society the contents’ price. 


packages its food and Its other 
commodities also reflects the 
quality of its life. 


Competing for this market — ^lliuuu. ±jiak me mi w. market for nlasrie Ju » wncu i l 

estimated in the UK at between industry, they, have had to ffiii “^d vahS; and ^iU what to buy. 


lems not of expansion but of ri t . Tc direct influence of the packag- ZTJT -™ l ^ /J— 

contraction. Like the rest of ing when it comes to deciding Rigid paperboard boxes 


£3.7bn and £4.6bn last year — 


When the housewife does her are a constellation of as many 


respond by cutting capacity and rtc tl - A „ 

trying to raise their efficiency, attack the position of paper- 

As a result the industry and wr ? , Pt? bars soap ' ^ Ten tbe 


what to buy. Regenerated cellulose film* 

Meanwhile, although packag- Ail thermoplastic materials 
ing manufacturers have Glass contained 


dropping, it is the quality and as 25 separate industries jepre- metal tube of toothpaste might plunged into a welter of re- — 

price of the food on the super- seating the different materials the goods it produces will be challenged bv a wall- cycling schemes, the public Closures 

market shelf -which seem to and processes available. At the wt only leaner and fitter in the dispenser. * sensitivity about waste has not . Tinplate for container manufacture 

determine her choice and the top come the large national l»80s but in many instances „„„„„ abated and may continue to be ■vr r ,.i: — * 

way it is packed appears at best, and multinational companies startlingly different. The expressed in legislative moves : ; 


nu 11 U UHUVCU ailUCillB «U UCil, “J‘U M1IUHUUUOT.1U - - 7 '.l , ,k. TT C CAj" CMfU iu 

a secondary consideration. such as Metal Box, Continental In Britain lower spending meals, which has led to the U.S. on padcaging, 


Steel drums, new and reconditioned 


In fact the container itself Can and United Glass but with power is already leading to J^JW**®* “J Tn Britain!' for example, this Alaminium foil 

influences the housewife’s a host of other medium and slimmer forms of packaging society as well as long-haul ^ 01.1 lead ro same form of tax. wlt-i 

choice, playing the role of what smalier-sized companies fiUing and to a tendency to seU jujinj given ■' big “gtj sadto rams: torn* ttx. Metal collapsible tnbes_ 

has been called **the sUent specialist and non-specialist goods ^ in smaller portions filhp to the alummium foil con- £r«» IP to ^ Jute sacks 


salesman/* 

Yet tiie superficial attractive- 


niches. 


goods in smaller portions ffihP to the alu 
exemplified by “ one shot” tainer market. 


The industry’s growth in size drinks containing as little as a 


ness of packaging is only one has been the reason for in- fifth of a litre. 


of its functions. Even more creasing public interest in and An ' element of unpredict- well tb 
important are its ability to awareness of its economic and ability ii&s also' crept into the also be 


The marketing and distribu- 
tive functions of attractive and 


tamer, on the non-returnable _ .15. 

can. bottle or hybrid pack. Wooden pallets 

• The Packaging Report, 1982, Laminates . 


1977 1980 l55T 

(’000 tonnes)’ 142.Q 120 114/1 

(m units) 1,045.0 9 34.0 893.0 

COOP tonnes) 102.0 81.0 74.3 

(m square metres) 2.429.S 2,397.3 2,395-2 

('OOP tonnes) 558.0 508.0 487.0 

(VOO tonnes) 6X9 48.3 36.6 

(’000 tonnes) 76.C 78>0 74.7 

(’000 tonnes) 640.0 692.5 710.5 

(m units) 6,548.0 6,406.0 6,075.0 

(bn units) 15.8 15.3 14.7 

(’000 tonnes) 899.0 718.0 715.0 

(m units) 532.0 498w0 489.5 

(m units) 39.6 33.5 33.5 

(’000 tonnes)' 38.7 39.4 lna, 

(m units) 584.0 550.0 575.0 

(m units) ’ 58.7 50.9 48.5 

(m unite) 14.5 1&6 10.7 

(’000 tonnes) 122JL 129.7 114-9 


preserve and protect its con- environmental impact— a devel- assumptions 


thought out packaging may Euromonitor Publications. 18 t BFPA members. * Total sales figures. These are not synonymous with home sales by virtue of 
be intensified as a result of Doughty St, London WC1N 2PN. the large export element. Sources: Trade associations: Department of Industry; industry estimates. 


which the. competitiveness of the 1980s -(138 pages.) £96. 






mm 


.(MX 


L 


if if 







Davidson Raddifie Secondary Fibres 
Bolton, Thomley & Aberdeen 

t 

Wastepaper Processors and Merchants 


The Congleton Board Company 
Congleton 

Laminat ed Packaging and Display Boards 


Chambers Packaging 
Beeston, Nottingham 

Solid Fibreboard Containers 


Davidson Packaging 

Ruddington, Hertford, Edinburgh & Aberdeen 


» Davidson Packagin 
Ruddington, Hertfoi 

flexible Packaging 


Landor Cartons 
Birmingham, Erith & Aberdeen 


Cartons, Labels and Packaging Systems 


^ XtMA m • •• 0 ; :‘V.v T . 




■ .. •• 1,'fcV' ' 

«3%v? . > • v ^'-i 

fit >' 

" -1 


jShertay Paper Sacks 
Aberdeen, Bangor & Wisbech 

Multiwall Paper Sacks 


unuteil^ MSSSr ” 

MUGTEMOSS - BUCKSBUBir ABERDEEN AB2 9AA 





Telephone No 


TlWrrrshiri SfrRM-,7 /nuWi 
















PACKAGING II 


financial Times Wednesday Angnst- 25-1982 


= 1 

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Varied and versatile 


THE BIGGEST single user of 
plastics is the packaging indus- 
try, which in Britain accounts 
for abont 35 per cent of the 2m 
tonnes of plastics produced each 
year. It appears in every size, 
shape and form— in sheets of 


In many areas it has become 
a straightforward replacement 


of its own. There is also strong 


other materials, such as paper 


packaging is used in the food 
and drinks sector, 33 per cent 


ESTIMATED CONSUMPTION OF UK PLASTICS 
FOR PACKAGING MANUFACTURE 
r000 tonnes) 


1977 

1978 

1979 

1980f 

1981 

LDPE 

313.0 

340.0 

396.0 

341.0 

342.0 

HD PE 

99.0 

114.0 

334.0 

122.0 

125-0 

PP 

63.5 

72.0 

79.5 

69.0 

‘ 76.0 

PS 

S7.0 

96.0 

92.8 

83.0 

86.0 

PVC 

58.5 

. 59.5 

6L0 

5L0 

51.0 

FVOC 

11.0 

0.5 

ous 7.5 

11.5 

0.5 

7.5 

12.0 

4.0 

7.0 

1L0 

9.5 

6.0 

1L0 

Misceiiane 

6.0 

Total 

640.0 

701.0 

786.3 

692.5 

710.5 

tRevised 

Source; Packaging Review 

“ 

y 



MATERIALS 

Most of the m ain 
packaging materials 
hare felt the weight 
of the recession, 
with competition 
internally and from 


UK BEVERAGE CAN DELIVERIES 1981 

(at unite)! 


Metal Continental Grown American 


Soft drinks 

Beer; 

1602 


Source: Industry estimates. 


Nacanco 

- 427 


Problems of over-capacity 

THIRTY YEARS ago metal v Giving the loss of 3,800 jobs its two-piece cans from Metal 
reigned supreme among packag- in the past year and a half. Its Box and from Mardon Cling- 
ing materials. Today the most significant closure, earlier worth). 






goes to the chemicals and allied styrene (PS) and utilised by 30 per cent and high drinking can is still highly Westho »8 hton ' 

industries; and 15 per cent for po iy St yrene (EPS) fared better, density polyethylene by 23 per VOjnlaT hut.it has to contend near Bolton. 


packaging consumer durables. The only significant growth cent. 


with competition not only from 


& year, was at westnoagmon, %e main change in the 
ar Bolton. three^iece food can for 

The beverage can industry, humans is the replacement of 


The chief characteristics of was 'polyester from which As well as rationalising pro* but also from plastic, and like the glass bottle makers, is soldered seams by electrical 


plastu a are ite lightness. Versa; pg T (polyethylene terepbtha- duction, new investment is being composite containers 


tiHty. strength and. even ftough tate) ^tltoa are made. 


dependent 


cut or held back. Dow postponed The food can, precursor of atmospheric climate and the lead-free. 


the welding which, leaves the rang 


£? UK price movements told a construction of a polystyrene fte drinks can, has been hit economic and this year’s sum- Another area of metal 

Its relative cheapness. In the gj^naj. s tory — those of high plant in Missouri, which was to even harder, mainly because w mer sunshine will be reflected packaging wWcii perf oraned 

donsitv naivi»thvipni» ^ttdpR) hacf* heptin nmHurtinn nwt the development of frozen food in their year-end figures. hpt-t-M- ,.~w. 


density polyethylene (HDPB), have 
low-density polyethylene year. 

(LDPE) and PVC declined; Brl 
only those of PP and PS went been 
up. imp oi 


1 their year-end ngures. better than expected was the 

But it will take more than a aerosol sector. Although last 




Baring the Falkland* conflict specially-made heavy-duty 
flbreboard containers were parachuted Into the sea for 
recovery by the Royal Navy. Capable of floating for up to 
24 hoars, they were made by Tri-Wall -Containers at the 
Tjllotson plant in Momnoath. " 


Putting a fresh face 
on exteriors 


■ low-density polyethylene year. and other changes in social But it will take more than a aerosol sector. Althou^i last fYlfl PYlPtl 01%i 

piflqTJCS (LDPE) and PVC declined; Britain's plastics industry has behaviour. . break in the clouds to justify year’s UK fillings fell L7 per V/£A VALwiiyi iJ. 

only those of PP and PS went been particularly affected by Meanwhile, otner lords ot ^ ^ investment in UK cent (to 489,5m) their value 

— — ■ - ■ up. imports from Scandinavia. 5J etal packaging have ^ an sen. beverage <»„ lilies j ai d down in rose to £61m. This is an area WT/ — ^ T nr r->«. whirh’i/fr tWo,* 

In the absence of an imminent Europe, the U.S. and the Par TJ e the late 1970s - ' I ^ e u - s - czn ' where Britain has a fine export TUCKED AWAY in 4 the UK ^ Hmwrf is 

UK last year, while sales of most recovery, manufacturers are and Middle East. b® making a comeback after ma £ ers have started warily eye- record — overseas, sales rose to Packaging industry^ most chairman, has moved from three 

other important packaging tackling the problem of over- U.S. competition, however, ine one another to see which of IC7m units while imports recently published digest of to two shifts on its one corru- 

materiais declined, those of capacity in the inevitable, pain- may soon be weakened as a “ them is thinking of pulling out dropped from 10m units to a statistics* are two figures which gator at Purfleet, Essex. At 

frwl™ ful way— by reducing it. In the result of the Reagan Adminis- METAL There is likely to be keen mere 4m. sum both tribulations Warrington it has taken out one 

811(1 ^ UK this has been accompanied trations decision to de-regulate comoetition. therefore. for ProfitabUitv - was also boosted ti,. i, nna r comnrt hi?. : of two co negators and im- 

value fto £4Slm). by moves to cut competition oil prices, which have kept U.S. — maior cniBtraet* such as Coca bv the dosare of a oliat bv and the napesoi tne secona mg wauimnent on the 

Even so. plastics’ widespread among major producer While plastic raw material prices Cola’s seven-vear order for Aerosols International which .fie^ sector after metal. P 

itca fViOAiirrliAHk tlin o/inn/imv TmnOri.il AfTl f f*al InfllKtriPS riniim ahnnt tV»n oMMimlilatail w «• • . . Kit OuIGu 


other important packaging tackling the problem of over- U.S. competition, however, 
materials declined, those of capacity in the inevitable, pain- may soon be weakened as a 
plastics rose slightly in volume ful way — by reducing it. In .the result of the Reagan Adminis- 
(to 710.000 tonnes) and in UK this has been accompanied tratlon’s decision to de-regulatg 
value fto £4Slm). by moves to cut competition oil prices, which have kept U.S. 

Even so. plastics’ widespread among major producers. While plastic raw material prices 
use throughout the economv Imperial Chemical Industries down. 

ensures that it immediately has agreed to cease making in 1930 (the last year for 


competition, therefore. 


“ major contracts such as Coca by the closure of a plant by a f tpr metal 

^ ^ _ , , , Cola’s seven-year order for Aerosols International, whiefi £ - seci0r a “ cer , euu * ^ ^ 

concern about the accumulated 240m cans a year from Nacanco may have eOrmnated over - One records the output by 

dta anm'tVMintnf nf .... _ - , •. ... , . . . . — \ .1 .1 VtVwi. 


ensures that it immediately has agreed to cease making in 1930 (the last year for effect on the environment of which is due for renewal in capacity in. at least one members of -the British Fibre- The industry's main. Innova- 

feels the recession. The state LDPE. and to concentrate on which figures are available) the propellant gases which it 1904 T-st year this order packaging industry. The main board Packaging Association tion in the past year has been 

of Western Europe's chemicals PVU'. British Petroleum Chemi* UK imported 2K000 tonnes of releases. helped to make Nacanco the changes in aerosols- are an (BFPA) and shows that it fell to start improving the .appear- 

mdustry — said to be losing cals is totake the reverse step, polyethylene while exporting Having flourished more than UK’s biggest supplier of soft improved valve (developed by ha volume in 1981 compared - anc& ^ the cases' outer lining 

£100m a month — is reflected Some 1.800 jobs would be cut as only 88,900 tonnes. Among the most other packaging Industries drinks and beer cans. Metal Bor) and the switch, to with the previous year. - fiexoeranhic instead of litho- 

in its ovpr-eanae tv fnr th* thrpp a result of this mutual arrange- lower volume materials im- s - ,1.. ia?n, 4*.r .1 . : . . . oy nexograpnic insieaa ai mno- 


iSaif Result of this mutual arrange- lover ‘Jj; in the . 1970s 1 beyer^e can Another dimension to this noMon^v^al ^ellnnte. ^WhUe tifis was ^ surprise in graphic printing. This followed 


man petrochemical “building meat, 
blocks” from which plastics are In ' 
made. tern 1 


enr * -f r.oiwtvrene were al- 0 T-,, Another dimension 10 uus wruie uus was no surprise m eranhic printing. This louowed. 

arL«??s5 


year ^ere is ae «* SW *ST& ^£'£"5 ’STTH 33S ’££ 2SSLT& 

ssjrusriSssR SHSSS -- SfS 12^55 

nearly 35 per cent for propy- Hoechst has shut 80.000 tonnes (Statistical and Economic Re- ^. t few have been compared with only one in eigt Another Aange affecting which have befallen the id- cut 


neany 3» per cent tor propy- Hoecnst nas snut 80.000 tonnes (statistical ana economic rc- iew , 

lehe (a Tise of 2 to 3 per cent capacity for the same plastic view of the UK Packaging avo j<iing josses 
over last year). and 30.000 tonnes of polystyrene Industries, published by PERA, 


over last year). and 30,000 tonnes of polystyrene Tnd 

There was only a slight rise capacity. Jul 

last year in the UK’s consump- In the U.S„ where packaging \ 
tion of polyethylene — the lead- absorbs about 27 per cent of the 


^mStreating on this front, «*TSX. SunS^th^KtiM Stt'SSTmJPS'lil outer' liner b^ore^lTitiJS 

launched a combined other companies are less dog- consumer. A range of new cans statistic shows that in the same to the corrugated fluting. 

e piasrrcs muusuy is I rojarirvns finvn to sinj» 


atf ew if any have been ^ t j, e 2.9bn cans made three metai containers (like other dustry. 
'oiduxg losses. years ago. While Continental forms of packaging) is At ^ 

Together with British Steel j$ strongly committed to enhanced decoration aimed at 


affecting which have befallen the in- cut. 

e otiier dustry. The, flexographic p rinting is 

Sp<i S At 1316 same fi” 1 ® hotter news being used ta Print t he layer of 

■ mlK ‘ ® nmaraeri An amiTnn9TWiTi!» *:* ’ STtC 


PAPER AND BOARD 


The object is to make filled 
corrugated cases attractive 

viiiunue/ inuwucu uunijui^eu. ve<u uui suu reuameu cuusiuet- aeveiopmtrnx w a new iuiui m *. ... ,-r- _ - . v ■ *-»» » ru«» wvraw enough to be put direct^ pti tO 

Polypropylene (PP), poly- able. PVC plant was under- polyethylene called linear low J* 0 ? 1 ‘ ec ? 11X16 C", Ilsle . enamel. NJano whn* nu*es , _ , supermarket shdv«. Manufac- 

r density (LLDPE). is just as senoos as that of their further increase its aluminium 40 per cent of tile paamt cans : turers are also trying" to make 

mm mm m m — M mm & recent studv of plastics arch-competitors, the bottle usage. for the UK market, will shortly them easier to handte ahd open. 

oackaeine (Kev Note PubKca- inaJcers - Tinplate is still the favoured open a £2m flat steel decorating year there w as an increase m _ - h t 

mm ■ W 1131 m tion?^23 at? Road. London They have less to say about material for food cans, how- plant at Norwich. output and sales (to £p?.5m) reSm^^^th^busin^lost 

Wm ■■WM mm mwmm* m gen' contained aforecit that their own internal difficulties, ever. While UK sales of canned 0tber for which of . "***£»* * oard ’ * e SweSld^erf 

r “ST* II || “r- I |?230-01 ! 12341 1-230-01 MZ34I by 1985, LLDPE would displace The varying estimate of how drinks have been on tiie m- ^ the main material •thriilk^.vran nlastic for transit 


r230-01 11234 1230-01 {1234 

' MODES S ' MODES l 


123456 


123456 

Am* 


narluifrinp fl&v TVJnfp PubKca- - Tinplate is stdii tnc lavourea. open a tzm nat szeei aecunzung mui**** au . 

tions 23 citv^ Road London They have less to say about material for food cans, how- plant at Norwich. output and sales (to £53?.5m) 

ECU' contained a forec^f ^at their own internal difficulties, ever. While UK sales of canned 0tiier <^3^^ for which of . coirugated board, the S^r^Sd^L^f 

by 1985, LLDTO would displace The varying estimates of how drinks have been on tiie m- ^um is the main material P^pal fibrebwd_ P^ducL o^e^aeased. u se^f 

a quarter of the 3m tonnes of much overcapacity exists prob- crease, those oE canned food ^ e^n^paibie tubes, mainly for Although only sUght, it was saroKmp piasne x Trana. 

non-linear lowdensity used in ably reflect the degree^ of com- have been fallrng partly SSSSS^bA aluSlnium^ W » SJSEJE. SK 


m Europe every year. 


petition among the various can because of the preference for gQ _ er 0 f -wbicb in the UK ®f every other major packaging The UK fibre-board industry’s 
makers, as each prefers to dwell frozen foods and partly through ^ .j nt0 ^, 0( j drink material except plastics con- performance stands out well 


nP . n i- By then, says the report, makers, as each prefers to dwell frozen foods and partly through * int0 

£17-95 £17-95 Stretch films, sacks, heavy duty on other companies’ surplus fat imports Of canned fruit and packaging. 


tinued to falL 


When? Where? 


shopping bags and disposable while ignoring its own. Yet this vegetables from Europe, 
bags— would have moved “com- competition, according to some Even so, last year saw a-sur- 


compared with other sectors 


Tubes have been hit by the Mr Michael Howard, chairman using pa P* r J> r o tter forestry^ 
SSL « of the BFPA, attributes it 


-CHM371 “CH54371 -CHM371 

MM MtNM DOT MKMIM MM MMMNa 

3073254 30*3254 3053254 


DOT MICH IN 1 I DOT MICHM DOT DUOIIN 

3053254 3033254 3053254 


HlNta. 

oiotAMMDatsrr 
in — Moa 

mWK ClAU M 

12 A 4 

I *M"^" 

OUtlMMDODSR 

ItCNtitn 


fog 

ex DtAtMoaexr 

■ICN.ILD 


Dupont. In Europe, Unifos in the American^wned can- secutive yearly falls. menTof fte UK foil roilers. foU fast year hid been helped" by ft e folding cartons ~4.I per cent and 

Sweden and Dow have announc- making companies. Less surprising was the con- g ch iower per cap jta fact tiiat manufacturers had rigid paperboard boxes a 

ced new plants; it is alsobeing These cuts seem to be par- Jinurt Increase '24.000 ^ ^ ^e UK than elsewhere, eaten deeply into their stocks in massive 243 per cent 

developed by ICT DStf of titajtafr direc ted; at wmrn^ Thte weSt ™ Switzerland usage is almost-fte previous year, creating a The only sectors where 

nSSSL’flHJSK ?L5SS52: t«bn cans, twice as high, approaching the need for some restocking. slightiy higher sales helped to 


can- secutive yearly falls. 

Less surprising was the con- 


BP Chemicals has added three the British pat* aging giant into more than ISbn cans. F7‘ ee “ . 
graded of. low linear film to its which after decades of an ensuring that pet food stays the. - 
product rknge. The film is being almost monopolistic position 4n largest single user of cans In Hopes foi 


The only sectors where 
slightly higher sales helped to 


U.S. leveL There was Still little sign of compensate for the fall in 

Hopes for' its' greater use in any real increase in demand, volume were sacks (sales of 
Britain depend on the growth however, which continues to be folding cartons 


Which? Why? 


nrodnoed bv BP Chenne at its domestic market is being the UK. Bntsan depend on me growm However, wfilch continues to be 1UWU « , 

Laveram. near Marseilles. battered by companies hardened Apart from beverages, pet- oE ; lns g?f *** ■ r p n 52»iS°to' liL w £ fli^) ’ , ceUul0 - Se fiI f 

In. the U.S, where the move in the cartel-busting American food is still the only other com- where foil, hds are pojwBff. In much fibreboard caring by f»«hn)- ; 

to low linear has already begun, marketplace. modity for which two-piece cans some areas, though, sum . as smaller shrink-wrapped trays. Imports, however, continued 

Its usage for food and non food Metal Box has been no less have replaced the traditional cigarette wrappere ftro gauge Most companies were, making to hit the UK carton-making 

packaging is expected to more ruthless in defending itself, by three-piece can in Britain, foil is giving way to metaiusea. “ nil profit” and .some were industry. In 1980 (the last. year 

f, . i .mj * . ,. j - i_ llafCnnil. ntmbr TPgjjilw lTIg 3 Tkn firnirnr. dm I^nil n K1«\ 


mo. 

5S- I 

010721 


22x mo. 


IW. lag mii.Jai| SSSSSSS^ 

01 072 H9 identification problems. 

With oneof the 
widest ranges of stock 
printed labels available and 
■ a printout of up to 36 

0 I charactetsfheyoffet'an 

" I I Hywwinfto J endless niffnber of coding 

I permutations. The labels 

■ _ . m wifl adhere to virtually any 

material from glass and 

P t^pumikhkimv (dz79)«ie77i. J metal to pi astic and paper, 

■ ^ I maldngthem ideal for 

* * featory or warehouse stock 

I com | identification. 

M*m PftneyBowes 

1 . . • labeller&are made from 

| | virtually indestructible 

1 - acrylic and are designed for 

l4flPftnovRnu»Mi I Plus, as your guarantee of 
1 qjpriuigfDOVreS reliability each labeller 

L * J^22“2 v 2?Sm J carries a 2 year warraniy. 
Identify your stock -specify Pitney Bowes. 


than treble by 1984. 


closing lines and factories in- (Pedigree Petfoods purchases paper. 


for which figure's are available) 


Meeting competition on several fronts 


The real success of the fibre- hnports of cartons for the first 
board industry has been in its p® 6 overtook exports, helping 
reduction in spare capacity and closure of Austin 

its efforts to improve cases’ Packaging Company, on the 


appearance and -convenience. 
Although there is at least 50 


Wirral 

No such troubles afflicted 


tampon and Motfnx'Mnay Bomb ■ 
JMkBfll— I fcuHT. H pawrilHl 
Tha l%inaetaJ»«nlbMf.EM«CW»SHH . 
TaMptioaa: Harlow (DOTS) <16771. | 


FROM THE proliferation of . '"V ' ----- — • • 

ft? t d«SS« rf ? Bri2ft S oS2 UK MANUFACTURERS’ SALES OF GLASS CONTAINERS 

would ozftnary " [^77 1978 1979 1980 1981 

receptacte had started to go 267.0 316 J 352fl 384* 38L5 

With their advertisements for By end-nse (m units), 

cornflakes and cocoa these 1,738 L679 1,697 1.625 1,633 

bottles are one of Jhe glass ^ r— 457 478 «0 48 4 484~ 

industry's more colourful efforts _JSE£ ? ■ — — . ■ - r«? ' ' 

to avoid be tog pushed out into Wroes and spirits L465 U 5 ” 5 U”" 5 

the cold by the pressures of the Been and ciders 295 ' 330 1 367 357 338 

recession and competing forms — : J555 Ejm 1,453 1,314 UK 

of liquid packaging. The bottle — — =^= jvx 555— 

with the message is, appropn- Toiletries and perfumery ii} ‘ ™ 

ately, called the • “Door Chemicals and pharmaceuticals 612 620 552 532 . 523 

Stopper.” ... . Household ! 155 U 5 131 . 132 120^ 

Against ■ a background of — — — - — — — ■ — - 1 1 n ; n sg mi - 35 ms 

steadily falling sales the glass Direct export 312 365 321 — — - — 

makers have been imagiiiatiyely Total 6^48 • 6,736 6,714 6,406 6,075 

P’ e shapes, sizes. Source: Glass Manufacturers’ Federation, 
weights and appearance of their ' 

products. At the same time they 

have been striving for much - . - ■ • I 

higher productivity by manning difference, _ however, is that says ftat the bleak ootiook for France. Smce these compete 1 
reductions. And they have met while- the U.S. industry is the next three or four years, with canned ", e , 

the current concern over the expected to grow at an annual “ does not mean we wiH not be they m^help to boost dmand 

environment by their well- average of 1 per cent between able to make a profit” SLSSHr? 

publicised Bottle Bank schemes. 1981 and 1986 (at 1972 prices). There was already some con- adva ntag e of the UK glass 

To out the oroblems of the the British Industry is recon- station in the fact that there inausny. 

British Ibdratnr iito neroe* cMed to contraction. " may not be any further fall in The competition from rival 

SSfttoSwtt to nSfttS Anotitor disturbing feature voimne sides in 1982 and that packaging 

even itt much US. was that while UK manufac- sales in the first half of the yea* while, evokes different ^dsof 

SSbSttT ^tfTte tiM’ domestic sales were fail- had started to rise again, albert reactions. The riass makers 

counterpart mm ns Iflwer jng net imports, which, bad been by only half a per cent over seem most at ease battling their 

cut from 44im noils in 1979 to the corresponding peadod last old enemy, the can makers, in 


per cent over-capacity in fte the UK cellulose industry, 
number of its machines, there which remains a strong ex- 
is only about 20 per cent excess porter. Although its exports 
in manned capacity. This is declined (from £45m in 1980 
enough, however, to cause down- to £31m last year) domestic 


Value (fan)' 

By end-nse (m units), 

Food 

Dairy products 

Wines and spirits 

Beers and ciders 

Soft drinks 

Toiletries and perfumery 

Chemi cals and pharmaceuticals 
Household 7 ~~ 

Direct export 

Total 

Source: Glass Manufacturers’ Federation. 


38L5 W8T ^ pressure on prices. 


sales rose from £33m to £43m, 


1,697 
480 
L565 
367 
1,453 
148 
552 
131 ■ 
321 
6,714 


Fortunately, the industry's pointing to what could be a 
main raw material costs, largely r &rival in its home market 
influenced by fte U.S. price for The fact that this occurred 
kraft liner, have been static against competition from fte 
and last year’s negotiated pay big plastics film manufacturers . 
rise of just under 7 per cent. is is at least some consolation for s 
regarded by Mr Howard as the rest of the - wood-based 
“fairly reasonable.” The next packaging producers. 

™na, SetH8n,ent * ,e " eXt ‘Statistical Economic 

\ ■ Review of the Packagmg 

Efficiency has alsp been Industries; July, 19S2 update; 
helped by running factories by Rowena , Mills r (PIRA, 
with fewer crews and reducing RandoiI s . Road, Leatkerkead, 
the hunfter of shifts. Thames Surrey ) 



150m unite in 1980, rose sharply year, 
again last year, to 226m. Th 


fte huge beer and beverage 


“If that's what the customer wants, 
that’s what the customer will get " 
says Westbrooks 

"And to prove we mean it; we’ve just started up 
an ultra modem continuous running corrugator 
and additional converting equipment 
worth over £2 million” 

An Investment for our customers’ future 



Westbrook 

Packaging 

Limited 


GLASS ■ again last year, to 226m. This has been the result, at markets. Giving bottles a wide 

Total UK imports sow stand least in part, of huge manning moutft, decorative plastic 

/ . — .. at more than 10 per cent of fte reductions. In fte past two sleeves and less weight are all 

. . . volume of home sales and it is years UGC has cut its work- measures inspired by the war | 

energy costs, has been undCT c^nn^a Knowledge in fte fair force by 60 per cent— from against fte can. 

pressure. A slight fail in U.S. dustry ftat some of fte empty 10,500 to 4,000. It now runs But the threat to glass from 

glass sales last year was attn- axe being brought here five factories instead, of eight plastic bottles' and flexible 

buted both to the recession ana -qk glass manufacturers who and some of the . surviving cartons is more difficult to 
to plastic bottle inroads in the . y p^i then more cheaply plants have been drastically counter and, like the can 
important soft drinks market. bottles which ftey made slimmed down. A shmiar pro- makers themselves, the glass 

Sales of glass to the US. food thejnsdves, cess at Rockvrare has biou^rt manufacturers have decided 

industry are also flat;, reflecting This is in addition to the im- the workforce down to S£Q0. that the best way to beat these 

the move to frozen or umi of food &ad drink pack- This year it ctosed a factory at rivals may be to join them, 

roods. aged ia $aas— for exampile, 70 St Helens. The three leading UK glass 

But. the most significant shaft per cent of wine sold in Britain The .overall result of fte manufacturers are all showing 

in bottle production was caused is bottled abroad. -There are reductions, coupled with new vary ing degrees of interest in 

by the loss of the large size soft also growing imports from investment, has been to ait fte PET (polyethylene terephtha- 

drinks bottle market to the two- Western Europe of jars of fruit labour content of production late), which has captured the 

- .litre plastic bottle. This forced, and vegetables. costs. According to Mr market for 1 to 2-litre sizes of 

the. industry to concentrate om - This exacerbates the eompe- McBnrm'e, labour costs have carbonated drink bottles. Like 

producing the 10 and 16 ounce tition which fte* industry been cut from nearly 40 per Metal Box, Redfearn National 

standard shaped single trip already faces from Ills biggest cent to tittle more than 30 per Glass is one of the UK’s 

.bottle. traditional opponent; the can, cent—and In some factories principal manufacturers of PET 


Unlike 


situation in and from newer rivals such as even lower. 


bottles. 


makes 


Red Cat Lane, Burscougn 
Onnskrrfc, Lancashire L 40 OSY 


Ttftph one: B urecouflh (PKK) 882811 
Titae 67382 


Britain, the U.S. glass industry, plastic bottles and laminated According to Mr Squires, who miniature spirit bottles- and 
the world’s biggest, is almost cartonsL is also marketing director of the separate plastics division of 

invulnerable to a serious threat In fte face of this, however, Rockware Glass, UGUs princi- the Rockware Group is also 

from imports, which took less fte industry remains bravely pal rival, there is even a good looking at this remarkable i 

than 1 per cent of fte U.S. mar- optimistic. Mr Christopher side to the increased imports of material, despite its claim that 

ket between 1972 and 1980. Squires, chairman of fte Eedera- bottled fruit and vegetables, pet cannot compete with j 

The most important iaon’s marketing department; from the Netherlands and m smaller sizes. | 


your european partner 
foryour packaging problems 

Buigopack produce for you: 

- multilayer complexes to wrap biscuits, powders, 
food and pharmaceutical products in granules 

- aluminium foil and thermosealing laminates for 
FORM-FILL-SEAL machines 

- banier sterilizing laminates for higly conoaveand 
hygroscopical products ' 

• sachets and bags for long preservation products, 
in particular for the seed field 

- thetmofonned polyprolyieri containers for pre- 
cooked food in catering 

- containers made from board coated with polye- 

thylene on both sides for the packaging of milk 
and fruit juices : 

BURGOPACK SpA - 36030 LUGO D! VIC£NZA 
^ via Dalmastro 2 - Italy 

TeL (0445) 860.700 - Telex 480.428 BPK I 




Knaiicial Times Wednesday August 25 1982 


PACKAGING in 



Waste recovery «la$. .» High imports ratio in UK market 


programmes 
gain momentum 


Conntiy 

West Germany 

France 

Italy 

Netherlands 

Belgium 

Switzerland 

Britain 


*000 tonnes recycled 
1980 1981 


production 

19 81 

24 

20 

20 

33 

33 

36 

4.5 

20 

8 

8 


»■«* ' ST.taST' ‘indeed 

bwi ^ Similar objections were Anstria XLZm ** 20 machines required to make the 

Sr rSSJ? i SLy°^ Cup - voiced in Britain by the House Demnirk 10 8 new container 

if W is Br aJso lS Cla« SS of Lords committee which inland ST $ 8 But so far. with many packag- 

Yea?m£ked bv^ nrnUfSri^ ? c ? Unis ® 5 P ro P Qsed EEC legis- 2± - - ing changes still only at an 

rfHnSrR-mtc a proliferation lation. The Directive is not now source: industry estimates. ■ experimental stage, the benefit 

f I W t0 come before the . — - to the machine^ makers has 

SSmtiT's mos? P arf^L^ f European Parliament before * yet to be fully realised. 

SrmSdn^new «i a « fmm P ni5 £ November *982. and to the dis- amount recycled In West Ger- tics, industry has launched ex- Broadly speaking, the it* 

f f f ol ?‘ °f the environ- many. France and Italy. penraental schemes for reoyc dllstlT is dl>minated by raauu- 

materials mentehst lobby, there are pro- This year some 1.8m tonnes hag PET f polyethylene tereph- facture rs in the U.S, the only 

* ■*** posa,s t0 tone *j down into a of glass are expected to be thaiate) bottles in Bradford and country which can compete 

iffiT er f s r JL th ® one issue mere recommendation. “That recycled in the EEC. more internationally la most ranges 

resoonse from mamrfli-SS! 1 f^vr B 0thing p„'^ happen.” than some of its members' Like the well-organised glass of heavy packaging machinery 

anufai.turers of -ays Hr Roger Elliott, resources entire glass production. The .industry, the individual can needed by factories with large 

packaging. consultant to the Friends of the difference reflects the much makers have made the promo- production lines. 

® iLliSt ^? d some would S5“' the . le j* diQ 2 UK anti- more energetic attitude towards tion of recycling a key activity other countries’ industries 

Ke HSSSinV „ , waste reclamation by central of their newly created trade tend to specialise in particular 


THE BIGGEST investment a 
company can make in packag- 
ing is to purchase new 
machinery for filling, sealing 
and labelling its products. 

Costly machinery is also used 
for case packing and cartoning 
and for all kinds of wrapping. 

In view of the many changes 
taking place in packaging, one 
would expect that this is caus- 
ing a boom in demand for the 
machines required to make the 
new containers. 

But so far, with many packag- 
ing changes still only at an 
experimental stage, the benefit 
to the machinery makers has 
yet to be fully realised. 

Broadly speaking, the in- 



-"S',- 


The first in-house production plant for PET bottles for 
cooking oDs in the UK. installed at the Liverpool refinery 
of J. Blbby Edible Oils. 


1 outstripping other machines 
J which cycle 5,000-6,000. 
i About 90 per cent of Mol in's 
~ machines are exponed. Of last 
Ni year's total sales of £i23m 30 
r \ per cent went to North and 
\ South America. It is now break- 
ing into the market for soft 
| cigarette packages, which are 
| dominant overseas, in contrast 
i ro the rigid, hinge-lid types 
f used in Britain. BAT 
Industries, with a 30 per cent 
, stake, is Molin's biggest single 
corporate shareholder. Other 
; shares are held by the Imperial 
Group and institutions, 

9 Metal Box Engineering, a divi- 
sion of Europe's largest paekac- 
ing company, is involved in all 
aspects of package making and 
rv> . packaging machinery, with more 
iv^ii than 45 per cent of its sales 
going to markets outside 
for Europe. 

aery Through its subsidiary Meta- 
Matic. it sells specialised hand- 
ling equipment throughout the 
nioinr w °rid, including the U.S. It 


RECYCLING 


,«Jr ou i e °‘. Lor “ s » byo! 9 votes obtain financial incentives for bv 19 8o, representing a. saving has some well-respected comr praised the healtny b per cent borough, specialises in auto- nioue called PLUM fproductinn 

vo 30, refused a second reading saving energy through re- of £3.5-£4m at current prices. .parties but its industry as a nse in expora at ? matic machinery for the con- line up-ratin'* method) which 

to Lord Beaumonts Beverage cycling, the Government and Cash-a-Can, the scheme whole has suffered an historic every major manufacturer had fectioncry, bakery and tea enables the ° user to up-rale 

containers BilL th e industiy agreed on a pro- specially for aluminium cans, .decline. been scouring the world n>r industries, as well as supplying existing production lines nr 


the industry agreed on a pro- specially for aluminium cans, .decline. 


and the pillage of irreplaceable Despite these legislative set- gramme to achieve a 12 per cent appeals to the public's commer- The travails of the British orders - 


some pharmaceutical and cos- design highly efficient new ones. 


natural resources, including backs for their critics, packag- cut (between 1980 and 1984) cial rather than its charitable manufacturers are evident The European competitors metics packaging lines. It has • \utowrapners a Norwich- 

fuel- m S industrialists admit that in the amount of energy used instincts. Run by Alcoa, it is are led bv West Germany’s about 2,000 employees and based part of GEI International 

In many countries this con- environmentalist pressures have in bottling a hectolitre of wine, well on the way to providing — - Robert Bosch group, which about 65 per cent of its produc- exports more than half its 

cern has been expressed in played their part in stimulating The packaging industry was a collecting network through- produces the Hesse machinery tion is exported. annual oulput with customers 

attempts to legislate against the recycling programmes. also asked to achieve a cut of out Britain. In 1981 4m all- MACHINERY range; the main Swiss brand Russia a customer ’for its tea in Africa Australia, the Eastern 

waste, by setting targets for As Mr Ron Cook, environ* 40 per cent in the weight of aluminium cans were collected - name is that of SIG. while Italy JS’ 5LTZ bloc the Far East and in North 

reclamation, by banning non- mental manager of United drinks containers in household for which £40,000 was paid out. is represented by Acma BS 5 *e eS? ha? ol-i2d and South America. It provides 

returnable beverage con- Glass, puts it “We disagree waste. This years target is 33m cans when one compares their per- machines. £20m of new orders in the nasf many lands of wrapping 

tamers or other restrictions. with Friends pf the Earth about • No such arrangement exists representing 17 per cent of f orajance that of their Japan is not a strong two vears The company also machines and carton erectors. 

25.X ■g'dSffiS Z'cZ*°! 0,0 * y ,nd not 1,8 yasaiSS" iniu>ay “ 4 j- w » - £ KUff •nri«rs.u,h,i.. P .r t .f G Ec. 

Se^tuTe bS bSt S- more In Britain Glass Recvdine ^ GovenmeaL |?nce reevcline of aluminium This year - Ul * combined packaging lines are said to be packing machine, developed is based at Walsall and has five 

2cm in tw™ nf irtnJillriSS Year's' SShTnoiM win 111 Jls “mpaign to inCTease .S?5 - i StISS 5 value of U.S. food processing as good as those produced by with an Industry Department specialist divisions and five 

SSSw L SSCSSS OR 1 AS the number of bottle banks saves 95 per cent of the energy and . packAgilt g machine^ the West Germans and Italians; "rant. manufacturing plants. Together 

SC Tn e ^vic*nr£ ai r nnn mt ? d I now about S00) United Glass content of producing the exports i S expected to approach the first Japanese machinery is * Vicker* riaucnn Haimc t these form one of the world's 

SSPSTi i" SSSS^iS! SXfSS.?s£S WLZ iKS STS£ SSSmiA have recent1y L he world ' s 5 S®5 

fi^ bu,lt at a cost of at ;™ b erof b sj° fesrffiwxsfsA «■"<£ h '■rz.r,, ,o M 0 , 

inspiration ,o r g5 « &&* S TO ATS SStr* SB* S “ExI SSSST 

js'sssx siiss'ss 

SS.'ZZSWSSi ^MSZStJSSt SSSSu^^SS^" SMMA’SJSifSS SSSSSSSSSS’&S. S 1 *$*££*' ’SS 


In Western Europe environ- Although the amount of glass in recycling. and half are recycled. and 60 per cent respectively in keenly aware of its plight and supplies filling lines for car- turers with an international 

mentalists have pinned their recycled in Britain has been ^ th bottle In the US aluminium the early 1970s. Overseas, too, e ff °ris by a National Economic bonated drinks and breweries, reputation include Wright 

hopes on a draft EEC Directive growing quickly m the past few The Jj. nrod ucen hare been^aylS the UK share of OECD exports Development council sector Two years ago. Vickers also Machinery, which specialises in 

asking packaging industries to years it remains far behind the 5*5*5 “3s nevertheless oeen producers nave oeen ! paying has decIined working party have resulted In acquired Inpac Automation, eau ; Dmen t for peeling and pack- 

set tigrts foTtlie quantity of amounts recycled in other West ihemef S^aitised by ' Lhe lS f By “i^.vear 22bn Th « m ° s t recent figures for ^ securing of some home which is developing into one of in g potato criSw; C. E. King, 

raw material they would re- European countries. SPSffiiT and SSs had ‘bew recrefed equS LTK market for packaging eiders, which might have Europe's leading makere of which 20 years ag0 developed 

cj'de and the number of return- By the end of the year Britain ^LS^Meka^B L P “ voS to ^e oSSt’ of nJo machinery are for 19S0. They otherv^ise gone to overseas shnnk-wapping equipment and ^ first electronic medical 

able cans and bottles that Is expected to be recycling plastics packaging. Sveraee size smelte^s and eare showed VK manufacturers’ sales Adders. pallet stretch wrappers. tablet counter; Techno Pack, 

would be used. 150.0(M) tonnes a year, compared The recycling of cans cuf . collectors S200tn. of £li0m « of which £69m were Having once had a command- • Molins has been a world which makes washers for plastic 

The proposal has encountered with 55,000 tonnes in 1980 and rently at about .0,000 tonnes a » exports. Imports into Britain Jng place in world markets, leader in cigarette rolling and bottle crates; and Weigb-Counf 

strong resistance, however. So.000 tonnes last year. year, could increase by 50 per The f®ore tradmona 1 way. o£ stood at £103.6m, having nearly todays 100 or so British manu- packaging machines since the Intern ational, a four-year-old 

from politicians in Brussels and The industry hopes to reach cent in the next two or three recovering used cans is from doubled within four years and fachirers now consist of a few start of the century. In 1914 it company which now supplies 

in individual EEC member 250,000 tonnes a year by 1984, years with the expansion of ^ rising much faster than exports, large and many small com- boasted a machine capable of automatic weighing and packag- 

countnes. or 17 per cent of its glass separate schemes for tinplate gusls ^rned out Materials The January issue of Packag- panies producing a wide variety processing 750 cigarettes a ing equipment to the food and 

The manufacturers par- container production. However, and aluminium collection and cL IfvSiiJ? ^ Revievv ’ in its annuai of equipment. minute. Its latest machine, the hardware industries in 30 

tioilarly dislike the idea of Uie as the accompanying table ^ISMtE^SESn Manchester ^ processes 1 ^40^700 the UK- p ackaging Most of, the large ones, listed Mark 10, cycles 8,000 a minute, countries. 

EEC Commission monitoring shows, Britain recycles far less The paper packaging manu- Manchester, processes “iuo-ioo — - '- - — , - - 

their progress in complying than smaller countries such as facturers. already using 88 per tonnes of refuse a day. yielding 
with the legislation and com- the Netherlands and Belgium cent waste paper, are taring w 4.000-5,000 tonnes of metal 
paring the results in different and only a tiny fraction of the increase reclamation. The plas- every year for ae-tinning. 


Growing vogue in liquids packs 

ONE OF the most striking material called Lamipack, with A startling example in Britain Tetra King. Made of expanded 
♦rends in D&ckaeinE is towards barrier properties comparable was the recent decision of polystyrene, this container looks 
S 8 . m r.S ° B a !fd more to those ct flnflbtt. It cap he Beeehem Foods to take M*e » IMhsped ceo. Io Britain 
flSble containers. Although formed into any shape and is Rxbena black-current drink it is used by Marks and Spencer 
SSj in«4o«te some metfi now approaching the first stage “ down marked '■ toij mg ,t for flavoured milk shakes 
andnaner. they provide further of commercial exposure to the *>r more impact is being 


allv into areas w'here glass is well over a year and may even ^ smung ui a piasuc sack 

b pass the two-year test which through supermarkets, which inside a corrugated case. The 

traditionally domi P bot expects of a conven- prefer them to returnable glass wine is drawn by & tap from the 

tioSlf^d ^The a^metal bottJes. bag which contracts, as it .is 

market 51 by° f cartons made of in it is the peel-off foil lid. This is belatedly prompting remal,nin S a ir * 

laminated olastic. paper and 'which is closed by a Metal Box the British packaging industry .. . ... . . . 

fofl- in the Swing sales of patented process. to enter the same field. Metal ^J re “ dy weH-estabhshed in 

wine in bas-in-the-bov and in The only reason why it has not Box, which already has its own Australia and South Africa. 
5Tg3tS« rf SS of the already been offered to the method . of handling long-life 

-yss> «s?_ •«« by 5 *^ js^ sniaris, aisa-Ts, 


PET plastic tattles. ■ ttartM.-. « British ygm "Sfy fo° 

While these new forms of retailers to be first & ^ ^ ^ Packaging, the of wine marketed .here in this 

ckaging are mainly for . UK licensee for the Pure Pak way. 

luids, flexible or semi-rigid -• carton. Liquid Packaging now Stowrils of Chelsea, the Whit- 


packaging are mainly for 

liquids, flexible or semi-rigid — 

containers are being developed _ v ._, _ 

for solid foods as welL FLEaJBLE . 

■ Metal retort pouches could CONTAINERS ' 

replace food cans if.it were cuntainek& 

possible to fill them more quickly . 

rhan at present and if public - 

QSLes Changed in ^ -^our. ^ ^ a nev > concept For 


Stowells of Chelsea, the Whit- 


belongs to the Norwegian bread subsidiary which was first 
Elopafc company, .which has the op scene with bag-in-the-box, 
licence to manufacture Pure calls it “ a packaging miracle." 
Pak in Scandinavia, Western The company originally aimed 
Europe and much of Africa and to sell 180,000 boxes in the first 


the Middle East 


year but finally disposed of 2m. 


Qsies changed in their favour ^ b ^ concept For Mardon Packaging Inter- es ta° ales 

BSSEEg SKTJS ISsgiS « 

asssHar 1 ^ 

disappointment of .can-makers containers OTgmate from over- These developments can only ^ cent of the Australian 
mrried bv steadily falling sales seas. This is reflected in the sharpen the fierce rivalry be- rfe r 

■3^£Sr ft T- success of milk and fniit Rtice tween Tatra Pak and Reagents ra ^ r e n L „ ated Products . another 


N^rtheST Metal Box, cartons with registered ttade for Pure Pak. Globally the two “win 50° pS 

Stt ^^ Sckaeine marks, like Tetra Brik, Pttre systems are well-matched- B, S 5S 


Britain’s biggest packaging marRs. luce letra ; 
company, remains interested in Pack and Combibloc. 


srL.“L k , ssr£; «« 


company, remains interested m u*. * w w ^ bag-in-the-box wine this year 

them and does ''not rule out the The first's tfm product of m^S is also W 1 "* ^ seI1 the 

possibility of an . event ? aI Sweden^ Tefri Pak company; ^ut 31bn o^etia Pak>s more contaioer t0 ^ ^isky in- 


Your own excellent 
CONTRACT PACKER 


Un«!p«<3cUd 
Commctce Way Lancing 
Sussex 3Mb 0903 763141 


LANCEPACK 


Even the most efficient 


Remploy Packaging and Assembly 
Group is one of the country's fargest 
sub-assembly companies, putting 
together a vast array of mechanical 
and electrical goods and components 
from steering columns and cable 
harnesses to white goods and circuit 
boards. 

A comprehensive contract packing 






companies can be caught out service indudes liquid blending and- 
• A - by a rush order or a sudden bottling, bright can-labelling, powder 
increase in demand, and an inability filling, shrink wrapping, skin and blister 
■ to meet a specific delivery date may packing and the banding of premium 
„ lead to the loss of the entire offers and product promotions. 

r \ * contract. And we also offer a full range of 

* J* Unfortunately, rt may prove card board cartons a nd boxes for 

' ^ uneconomic to invest valuable storage, transportation and the selling 

* capital in additional plant and of a wide variety of products. A very 

. staff in order to deal with these economical design service is provided 
occasionalshortfellsincapadty. if needed. 

The problem, therefore, is how to And in all our factories, from goods 
meet increases in demand without inward to final despatch, quality 
j® costly investment control standards are stricterthan most 

The cost-effective answer We guarantee the quality of all the 

the Remploy Packaging and work done, and the delivery dates. 

, Assembly Group. What you want, when you need ft 

e can help you avoid fixed costs We pride ourselves on our ability to 


meet increases in demand without inward to final despatch, quality 
~ costly investment control standards are stricterthan m 

' ; The cost-effective answer We guarantee the quality of all th 

is the Remploy Packaging and work done, and the delivery dates. 

* ,v “fc Assembly Group. What you want, when you nee< 

'. We can help you avoid fixed costs We pride ourselves on our ability 
<’■ ; . ; We can help you to avoid the costs help companies out of diffhanging 


CSKSqk 1 Retort ^ese^ndismldevnderlicence varied range-althoiigll Tetra w j 

have caught the interest o£ the frem Ex-CeU-O Corparation of many Bowater Liquid Packaging, \ 

Defence Ministry for use in sub- the U.S.; the third is made by cartons mitsiae ue u.^. ^ licence £com {ihe j 

marines, in whose narrow con- a Bowater subsidiary under Their competition may soon SchDlle Corporation of the U.S., 
flues they are. easier to stow licence from Jagenberg-PKL. become more intense in the c jai m? that 157ra litres of wine 

than bulky cans. Interest may part of Rheiwnetall of West U.S., however, where Tetra Pak will be srid j n bag-in-the-box 

be fiirtber stimulated by their Germany. While Tetra Pak is now building its first aseptic = iqg2 -w 0 ff ers bae-in- 

nse by ground troops m the makes its own laminate at 20 laminate making factory. Until rhe _ b ' ox ' 3S a * Con tainer for 

recent FaBtiands operation. factories throughout the world, now, it has imported the reels an d other non-edible 

In the immediate future, the Pure Pak matenaJ is made of .laminates. At present Pure „_ ods 

though, more interest focuses by independent licensees. Pak betivren 60 and 70 per p E f. regarded in the plastics | 

on iHxispects for replacing the Though liquid packaging in- cent of \ Che U.& - for as a «• wonder " 3 

food can by a plastic container corporates ideas which have mtik PgynftBjt « now also packa ,f DS material, will also ! 

with , metal top. , taw vmnd for many reus, fern stop . ampetltiim Sim Vith glass antf ractaJ § 

Xh the past seven years Metal the speed with which it is now plastic bottles. nn a wider front than hitherto 3 

dwrioptag a multi-layered wn momentum. Pak P ure ltcensee, tattle blowers are sub- I 

tare S UM ta btast- ^ Z'™ '»taW» I* I 

ing fresh milk sales, Tetra Pak's owned tor MardorrPacrkagi ns | 

aseptic filling te chni ques and International, the UK leader in |j 

aseptic packaging material give packaging. £ 

it a stake in " long life ” milk. , pE . T als r ° «»“£«« )"? 1 

A bewildering variety of plastics, J, Bibby Edible Oils, 3 

other foods goes into its con- t> ne of Britain’s leading sup- 1 

Oiiafi+V 4. Pfficiencv — Economy tainers — rice wine, Japanese pliers of private label cooking g 

VUalliy T CTlIwKSIluy ‘- vv " **•! cooking oil and custards are oil, has invested more than £lm f 

fnrmula for VOlir SUCC8SS. among an ever-growing list of *n the first PET bottleplant for 

- I nUlo y products, which includes some cooking oils in the UK. ft will 

newcomers soon to appear in run alongside the existing PVC 

Britain. Tetra Pak has also facility at Liverpool. PET, says 

entered the wine market, not Bihbv. will offer better security, 

only with its familiar Tetra Brik longer shelf-life and greater 

I - carton but with its oddly shaped sales impact. 


f involved in installing extra capacity 
| yourself because we have the 
W experience, the machinery and the 
• staff to cope with all your extra 
production. So rather 
than burdening yourself 
with fixed costs, Remploy 
M jfo ; P & A can offer you the 
variablecostsolution. 
Vg&zs. A full range of packing, 
: T : sub-assembly and 

P packing services 
’■ With 27 factories 
nationwide, we offer both a 


situations. Our services are here to be 
used as and when you need them, 
and whether your run is short or long, 
we can handle it Flexibility is our 
watchword. 

And whatever the work we do for 
you-sub-assembly, packagirrgor 
packing you can rest assured that it 
will always be done to the highest 
possible standards. 

Yours. 


Packaging and 
Assembly Group 



resources of our other factories. tefVKGSfof Brit^ffKftStvy 

prevent sfxvtfaUs 
becoming long drops 


IF^ YOU WOUtD LIKE TO KNOW MORE ABOUT MOW FOMP10TS PAOCAONC AND ASSSMLY SOUP CAN *i» YOU. PLEASE fiCT M TtXXH.S^YCOWCT.iSCUTW.\^WSOBDONQ1.5«15afc‘ 
H . -.L,T; Stw:. ^ 1*1 -»S S: fXA'H wsn STAN OTTBSCH ON FCf,T£KWa W^-J5£»5: iJOUTh WWD C°. The a>TJ Ittti OK C21 -4 m =091 Wl^WiAIEEMaOy UB, 


A 15 6DaVAfiEfiOAD.OSOaaiOC», mx*i WV2 oLR. irt-s; eSJU 


s 


I 






r 


Raanrial Times- Wednesday Almost 25 *1982 


PKF 
BiiU 
I (£5‘ 
a “c 
31 can 
. c en 
Rig! 
c was 

;£ hr y 

Was 
- 1 tend 
:-r> on- 
!•: pliei 
» WOI 

fi* thin 
u resit 
‘iv H. 

5 Jack 
U? P r or 

hr [efac 
,« that 

ol 

r > and 

hr |f* l 

- Rea; 
J fcorr. 

J. n 

?i still 
^ ecoji 
tion 
anti 
ape 1 

- from 
ffjou 
^tem 
nenc 
In N 

- ’ He 
ing 

E coal i 


f: C 


c: A .V 

c~ M pi 
o: .Ti: no 

w siren 
ocont 
o: lateii 
<1 Th 
U it w* 
ic strcn 
v.hilt 
it iurc. 
r Al- 
ii Hrn 

r. Jr-Ill: 

it -‘•’tin 

li " wi 

.« nolle- 

C cure, 
c A 
c 36 Pc 
t they 
had 
i 1 Th 
t as z 

i 


ACT! 
falter 
morn. 
r deriet 
r reces 
- . proie 
perfo 
outsit 
Thi 
achie 
, gram 
: . reces. 

■ ‘ladae 
, Tallin 
.. .‘emra- 
* tfiiralit 
, ^".shai 
!. price 
more 
, direr i 

ill? tr 
15 Las 
J 1 whole 
ll torch 
a Ejut i 

c vR.Tr : 

1 1»S2 

•* ably 

J Minis 

ig wo 
i doubt 

1 aSopt 

t Sjr At 
: Ranr 

v Ipngi 

" *Thf 
•}• crisis 

state- 
• ir fprei; 

Si over 

nr (a) c 

»'-• tion. 

currc 
,:r espor 

•n :he re 

- away 

into t 
culiu 
and f 
qtiet 
Eawi 
-The 


k 


FINANCIALUMES 

BRACKEN HOUSE.: CANNON STREET. LONDON EC4P 4BY 
; Telegram^ finantimo. London PS4. Telex: 8954871 
Telephone: 01-2488000 ' 


Wednesday August 25 19S2 


UK depression i 


TURNER AND NEWALL 


We thou 





were 


By Carla Rapoport 


I N a modem, austere office 
block on the banks of the 
muddy River Irwell in Man- 
chester. executives of Turner k 
Newail readily admit they have 
had one Mil of a summer.. .. . 

. In addition to familiar reces- 
sionary troubles. T t N faces a 
renewed controversy over safety 
standards' in the use of asbestos; 
a- subsiding share price which 
has reduced its market capital!- 


SHARE PRICE 


THE APOLOGIES offered in ll is . to be ; hoped that Jhare VMch 

advance by Mr Norman Tebbit. Ministers will not respond to ? ’ £ u JS < * ,n § S , *_,._« 

the Employment Secretary. can these figures with yet .another *“?.£*££ s l * its 
do nothing to reduce the signifi- dose of hope deferred. . The 

cance of the appalling UK un- constant forecasts of recovery. Det worth, and the unpleasant 
employment figures published constantly disappointed, are an prospect of annouocipg losses 
yesterday; nor are they much unnecessary burden on the ytota lf reports interim figures 
affected bv rhe statistical after- Government’s , credibility. In next week. - 

though is of his officials. this respect the rather open- Todays problems however 


,> * - ./ fa .. 






thoughts or his officials. this respect the rather open* 
It appears that the trend did minded tone of Mr Leon 
not worsen dramatically last Britian’s remarks on help with 
month., as the figures suggest industrial costs on Monday are 
— but that is only because the a welcome change, 
apparently- encouraging July What Ministers can claim is 
figures prove to have been an toat the financial background is 
• illusion. at last looking a little lighter. 


Today's problems, however, 
did not grow out of the recent 
television focus on asbestos (see 
panel). For 20 years, T it N. 
still the largest manufacturer 
and exporter of asbestos-based 
products in Britain with a turn- 
over of £623ru last year* has 


' illusion. at last looking a liule lighter, over of £623ru last year,, has 

The fact is That unemploy- The fall in interest rates is wet- been trying to dilute its depen- M&P, 

ment is still rising by almost come in itself, and so is the donee on the mineral. Nowj the 

half a million a year, and resultant realignment of foreign management recognises that, for 

nothing, but wishful thinking exchange rates:- a weaker dollar t he most part, these efforts iMfi 

can:find the faintest suggestion, and stronger European cur- failed. It is a story from which K9B£g39i 

of the plateau Mr Tebbitt thinks rencies improved .our position any company can learn; and the 
we may be approaching. On the. against our keenest rompetiiors lessons , have precious littie to 
contrary, the upward climb without rawing costs*. too much: do with asbestos. ■ WKtttSmSm ESQ 

seems to be getting rather. The modest move by. the. Bank Founded in 1920, Turner & 
steeper. The trend is precisely of England yesterday to • gel jVeWall began to fatten hand- 
what might have been expect-cd rates moving down again, after s "omely in the 1930s. The ‘post- profit margins 
in light of . the recent warnings a week’s pause lb draw breath, war building boom saw T & N severe . 


STEPHEN GIBBS, chairman 


in light of. the recent warnings a week’s pause tb draw breath, 
from the Confederation of is also welcome. 


British Industry-, whose feel for 
the economy has consistently 
proved to be sensitive and 
accurate. 

Consistent 


is also welcome. asbestos-reinforced cement and -67-68: “ Pr 

..However, the idea that falling insulation materials going into maintained.'* 
interest rates can of themselves s j,ips t buildings", pipes, and If there is 


ofit margins- remained apparently could not be found, established habits, even when 
vere .!.-. • • •• If took T and iV seven years, changing circumstances had 

67-68: " Profits (at BIP) were until 1972. ro push profits past clearly made theiu obsolete.” 
sintained.'* • • • • . ■ the level they reached before By the end of the 60s, the 


made.. Under the Griffith reign’ 
-was Hint Chemical' in the US. 
1 J (witb a turnover 4n498W- 

This . Investment . iaav proved . 

” soimd^-ihde&l It: is iSfe "only: . 

■ jewel left in the T & N crown.. 

. It now seems clear tbaTA'jf . 
should., have, songfit OtrU otiier ■ 
niche -busipfesses like HytTit — 
whfdi makes speciality:. chend-L.. 
■ cate— rather - otbve Into, 

broader ;buslao|ses, like P?C» 
wlifsre it indt. with ; sm* 
giants as ICt Hoedhst . and the, 

The recessibn further weak- 
ened the rest of the company's 
activities, so - the r&dnsaolida* 
m irmit •r TTr ftifeffin ffiffi fr ^ ^ o£ the.Rfaodeaan assets two 

years ago ptWed a- welcome 
boost to the accounts. But it is V 
*** . a mixed blessing, considering 

the. state of African! affairs 

Y ffi’ifi' 30 . Last ' year. . 'African activities 

anri&ir provided 22 per cent of the com- 

piny’s sales bad 78 pef, cent of; 

‘ T Faced. with these. graye.jjob-" 

( 1 Ibafio -lems,.T.& N has been hamniei--' 

l ; XTi .ing sway at costs and '-aelling' 

- •'{.'■ f U off assee. .In.. Hie past 18 

2 ‘^'m * 7# - months, some 35 per "cent of Rs 

' workforce, or. about . -7.000 ‘ 
■“ - workers, have lost .their jobs. 

Graham Livar j n a J ones some £40m W8S 

inTJot tr, 1a7K raised through various disposals; 
af fee^onporate leva to 197S (anot h er sale is likdy to be 

wben . Mr PaWdr GiiSthm -annotthced in^ a few wedcs*time>. 



appointed chairman. A veteran 
of the automotive business, who 


So what is the company left 


interest rates can of themselves s j,ips t buildiogs’, pipes, and If there is a single exptana- UDI. This lacklustre perform- report showed, return on capital 

launch* an £comvniJC revival ts roo f s f or schools, hospitals and tion for mis indifferent record, ance was highlighted by a 1973 employed in the company's 
untested. Hatoc arn. fatlmw _™._ _ U . _ -1 j »«._ ... . . .. . »- ... .. . ~ : _ TS . L , , , I J 1 • 


3 re. falling 


around the its name might be Mr Ian Smith. Monopolies Commission Report asbestos business had declined' 


tho Trtx,r„ because some of the most 

The more hotheaded Govern- } nflU( , nt ja] nj en * ^ n - t fo e market 


because the world economy is country. Ferodo, its subsidiary the breakaway Prime Minister on rhe asbestos market. It from 17 to 13 per cent. •'We 
so depressed, and . specifically which makes asbestos-based of what was then Rhodesia, concluded that T and domi- didn’t protect our position as a 


which makes asbestos-based of what was then Rhodesia, concluded that T and .V? domi- didn’t protect our position as a 
brake-linings, prospered with Efforts that might have gone nant position in the UK market low-cost producer," says Mr 


ment supporters who accused. r Uf !S a ^ e !h T a i • the growing, motor industry and into BIP was instead diverted p/ace had slowly eroded. Martin Bell, Finance Director 

the CBI of political betrayal ,n.,; C1 i expanded headlong overseas. by the Rhodesian crisis of the T and X' no longer enioyed since 1976. "We thought we 

simply for telling the truth tiff The company's return on mid-60s. Britain’s response to this dominance because it had were fire-proof." 

should be ashamed of them- capital employed surged ahead Mr Smith's Unilateral Declare- been unable “to defend its The head of T k N during 

selves. A^-'r^nfhnr.J standing nearly 10 points higher tion of* Independence blocked share nf the market on the those years was Sir Ralph 

It would be remarkable, in- -rj*- i, nw^f v thaQ 1116 avera se for UK in- the company from its finest merits of its quality, service and Bateman, son of the company's 

deed, if the news were not bad. I h - „ a ” k et? shoiitd ? uslry ’ ai ? d x lop J >m ?«L pei ’,7 n J source of abestos fibre and. at prices.” doctor- and a family friend of 

for everything: we know about ^ II! for the 1950s. With a stroke, reduced attributable (Then, as nm»\ T and A“s UK the Turner family who became 

j reflect rcaimes. even grnn ones. , n Tnrfia Afrir* i. io« ... ,v,r? *»c 


consumer demand — interna- . . . . _ , ^ . . - ... __ 

tion a I. trade and the demand Tmnliration " Canada and the U.S., T. & Jv had • Even so; T &* N did not pass the BBA Croup. Internationa My. climbing through the ranks, 

for credit — is consistent with n ■ emerged as one of the world's this- misfortune* on. to its share-' its biggest competitors are Employees didn’t argue often 

a deeply depressed economy The one favourable imp lica- largest completely* -integrated holders by catting Its dividend*. ManviHe Corp. and Raybestns- with Sir Ralph: he had a very 

caught in a wnrld recession. * tion of the . economic news "is asbestos companies,, with con- With hindsight,- this omission Manhattan in the U.S.. and the clear idea of hqw things should 

Yesterday’s trade figures give that inflation may, in these cir- trol of the product, from the may have been a costly mistake Swiss/Belgian Eternit group.) be done. Under his administra- 

the world background. UK cumstances, fall even faster mines in Rhodesia and Canada Management-lime was further Citing specific cases, the Mono- tion, the company’s plastics 

exports are declining in volume, than the* optimists now hope, through to the customer’s ware- squeezed during these years as polics Commission report stated; activities were expanded and 

as must be expecied in a verv But that is all the .more reason house. T ft N pushed through . from "the management (until t & N’s overseas interests 


operations in India, Africa, prpfits - by £2m to ; £T.3m in 1966. rivals were Cape Industries and chairman after 36 years of kets. dropped away with the 


with? Mature businesses . with. 
Sjrf Sv 1 ’ “°t cari)-generalive power 

iooks to be the answer. “ We 
.outside the. comp any. «r Gnf- fcafC msde a numl>er 0 f && 

JJ-JJJf 4 ***** aion S th *’ way, including 

coated maSTa seeiingly 

perfect fit for T & N as it would JL*! 8 fthS 

consume- the parent's growing *®, ^ bn^itec on the other 
outwit of PVC - • side. So the cash rows, -like. 

■£“ r “ __ ,* MMP TAC (Turner Asbestos Cement) 

were starved oLncw capital. We 
seemed » perfect Storey’s ay shouTd have realised that you 


exports are declining in volume, than the* optimists now hope, through to the customer’s ware- squeezed during these years as polics Commission report stated; 
as must be expected in .a very But that is all the .’more reason house. • T Sr N pushed through . from "the management (until 


soft market. Imports are rising why Ministers should .be spend- 
at perhaps 6 per cent annually Ing the coming weeks reflecting 


— the; trend is hard to disen- about their fundamental 
tangle from the changes due to policies, 
the inventory cycle. This Their financial strategy -has 
confirms long-established trends: been presented until now as a 
the Internationally competitive battle plan against inflation, but 
companies which dominate the in fact it is a plan for the 


mom reason house. T ft N pushed through . from "the management < until 

ld.be spend- So when the company decided 1962 to 1968 without' a finance recently) has been unwilling to 
ks reflecting to diversify, the executives who director;, a suitable candidate contemplate changes in long- 
fundamental had grown, up during, this era, 


recently) has been unwilling to .widened. 

contemplate changes . in long- There was a marked change 


can wring. out more from the 
t If ““"fKj old by putting in fresh*. funds.” 

and T. A N was left wft ex- iIr £ ong with othera in 

fte.T & N corporate head- 
ii® ow ®rioaded CTuarters, inspires an unusual 
marketplace. At the same time, amn 1IT 1 t 0 f respect from ..the 
tragically, Mr Griffith was _ iadivi TI N observers fn 

LTin ZTumm of imT' m siiU 10 


The other major acquisition ;‘ We ^ e 

4 ^ found it much harder to make 


policies. .perhaps*., understandably. 

Their financial strategy -has approached the move sorttewhat 
been presented until now as a in the way that a pampered 


GREAT- ASBESTOS CONTROVERSY 


mistress might spend freely, on 

companies which dominate the in fact it is a plan for the her first trip . to Paris. • 

export trade are more or less stead}*, controlled growth of British Industrial Plastics was 

holding their own, but those money incomes, and can as purchased in 1961 fora cash and 

which have looked mainly to the logically imply a need to share deal worth about £18m. 

home market aTe losing ground stimulate that growth as to This price, compared to BIP' s 
to foreign competition. restrain it pre-tax profits of about £Im m 


home market are losing ground 
to foreign competition. 


pre-tax profits of about £Im in 
the year before acquisitions 
— looks * extravagant, even by 

i fl— wr today's terms. " One felt plastics 

llQ IV* \T was a modern industry,” says 

XIUJI T • V vdU 7 Mr Wilfred Howard the T k N 

" group public relations officer. 

— who has been with the company 

qc chp urnpe 

Cl>d OMjLV/ Vr quick pay off from BIP. it was 

soon disappointed- The follow- 

rPAL\”S politicians have once new Spadolini Cabinet will have SI l IeD l pn, 5 T are - ^ tracIe ^ 
again bewildered the world, to deal, above; all the ne?d to- from* T - W reports and 
following the country’s first contain labour «usis. Inflation is ■ • . - -- --- ’■ 

ever government crisis in Ihe moving ominously hack towards- ou-oi:: rurnover at . hip was 
holidav month of August. ..lust the 16 per cent level which the. maintained although, profits. 

“ > . _ ■ > _ _ ^ . j uiArA cntnDUTBfit 1 Irituoi* • " 


ever government crisis in Ihe moving ominously back towards 
holiday month of August. ..lust the 16 per cent level which the 
rwo weeks ago. even Is seemed previous government insisted 
destined to culminate in the big was the maximum. This, in 


■emmcnl insisted were somewhat lower . *. 
ximum. This, in -61-62: “This result (at "BIP) 
make the trade was achieved . - . only by some 


bang of autumn general elec- turn, may make the trade was acmeyea • - - oru y ' s 0 ® 

tions: in the event they have unions less inclined to moder- sacrifices in profit margins .. 
ended in the apparent whimper alion in new wage contracts 60-66: ' Pressure <m (BIP 5) 
of a completely unchanged antstanding' for 10m workers, 
administration— -the .t' me which should have been settled 

this has happened lii the. 42 months ago. 
government crises which have- Overshadowing even' this Is ' ' ' • 

dotted Italy’s post-war history- the importance of a measured. 


THE • RECENT outcry ■ over 
asbestos-related -disease is the- 
latest is a series of contro- 
versies . over the . mineral 
which, has been' linked to lung 
disease * (asbestosis) . and a . 
fatal cancer (mesothelioma) 
for more than 50 years. 

Like cigarette manufac- 
turers, nuclear energy* com- 
panies and those in the 
chemical business — among 
others — asbestos co mpanies 
have been subject to increas- 
ingly strict government regu- 
lations over the years. 

A recent trip to Turner and 
Newall’s Rochdale plant, 
where -thousands of tons of 
asbestos are processed each 
year, showed how carefully 
the company controls dust 
.with modern equipment and 
extensive monitoring devices. 

Reguiarlxealth check-ups at 
the factory are mandatory for 
all employees— this reporter 
failed one of the eight tests 


which are dspi] to screen out 
the potential for, or incidence 
of. lung damage. 

Turner and. Newail rigor- 
ously denies the allegations 
about safety standards in. the 
use of asbestos which were 
made in the recent Yorkshire 
Television programme on the 
subject. The company is now 
considering taking legal 
action against the television 
company. 

Supporters and opponents 
of asbestos agree that any 
further inquiry into the use 
of the mineral is best referred 
to the Health and Safety 
Executive. In the meantime, 
Mr Gihhs. the chairman, says 
his “top priority’" is to 
restore the public’s confi- 
dence in . asbestos which he 
.says has been destroyed by 
the programme. 

T & N will continue to face 
for many years claims from 
victims — both in the UK and 


in the U.S. — who have been 
exposed to asbestos. The 
disease can lie dormant for as 
.long as 40 years. In the U.S. 
victims are entitled to sue 
the supplier of the materials; 
in all cases so far 1* & N has 
shared this liability with 
several abestos companies. 

TAN makes yearly provi- 
sions for these claims and. 
even in Its reduced circum- 
stances. says jt is capable of 
meeting. Us obligations with- 
out undue, strain. The com- 
pany forecasts that claims 
should he no more than 1 per 
cent of fntnre turnover. 

None the less, with public 
awareness* or asbestos-related 
disease now heightened, it is 
possible that the rate of these 
claims will increase. In the 
U.S.. for example, claims 
against asbestos compani es 
have snowballed into a urini- 
indostiy, with its own news- 


paper, the Asbestos Litigation- 
Reporter. 

Perhaps mare significantly. 
Manvffie Corp.; the largest 
U.S. producer of asbestos, 
recently omitted its quarterly 
dividend and announced it 
would have to begin making 
financial provision for litiga- 
tion which. It said, could go 
on for several years. " 

Manvilie's move came only 
a few days alter UNR Indus- 
tries, a much smaller Chicago- 
based company, filed for bank- 
ruptcy because of the claims, 
against it from asbestos- 
related disease. The legacy of 
the disease is unlikely to have 
such a dramatfe effect on' 
Turner and Newail, but the 
company^ present weakness 
and the unquantifiable nature 
of fntnre claims make the job 
ahead for T & N executives 
lust that much mote demand- 
ing. 


money in our nan-asbestos com- 
panies than in our asbestos 
ones.” 

An overhanging worry, how- 
ever. is the prospect of shrink* 
ing -demand for asbestos-based 
products because of fresh con- 
cern over health risks. " We 
continue to spend a lot of 
money to find replacements for 
asbestos;” says . Mr Stephen 
Gibbfi. ihe chairman since 1978, 
but he remains confident of the 
minerals longer-term importance 

With some .50 per cent of the 
company's turnover coming 
from jsbestos-basetf products. 
he needs to be. “We have to 
do something to restore confi- 
dence in. asbestos," he says. 
Mr Gibbs. 62, intends to stay 
with the company until it shows 
signs of turning up. A large, 
fforid-faced man with a bouncy 
manner. Mr Gibbs says “There 
is no reason to believe well be 
tripped up during our recovery 
period." 

Nearby, Mr Bell wipes ha 
hand over his beards and gives 
a worried smile. 


government crises wnurh nave- Overshadowing even' this is 
dotted Italy’s post-war history*, the importance of a measured. 
To mark the occasion. Rome's authoritative government to act. 
already richly baroque political as it probably will have .to, -as. 
vocabulary' lias gained a new midwife for a new undersiand- 
ptirase: “ novelty in continuity." ing on wage indexation between j 
The outsider observer might employers and unions. This will ' 
cynically comment that the only replace the • old Scala Mobile I 
novelty is that absolutely -no mechanism: revoked* by the 
modifications have been made, former last June 1. 
either in the subtle balance of _ . 
factions in the five-party coali- KCJOnn ' 
tion, or in the men in charge of <- 0 mac j| f or continuity. ; 
the ministries. w v, !ir n e rh& nnveltv ? The 


Men & Matters 


ing than a forecast of the UK's 


r\*$ -f-hja aS#- creasingly restless about its object because they have an ing than a forecast of the 

'wJtJ ine air leadership. Recently Raley told unusual scoop. The 6hip has future output. We’ll see. 

William Paley’s career at CBS : Fortune: “I have a successor in not: been sighted since she ■ - 

has spanned almost the whole place. Someone might say these sailed on her maiden voyage 

history of broadcasting, and his are famous last words, but this in 1545 to fight the French. V^UVtsr jn/iIU 

influence both on the media and time Lt’i fdr real." * ‘ A nm-manr nmtvrint ic that See what can happen if yot 


je minisines. g u£ W h at a f the novelty ? The 

Indeed, at first -glance it is one interesting innovation of 


rmer last June 1. has spanned almost the wtiote place, someone might say these sailed on ner raaiaen voyage 

. history of broadcasting, and his are famous last words, but this in 1545 to fight the French. wWVtsr puiIU 

cform •*• influence both on the media and ' time it’s fdr real." * ‘ A poi-maiir postscript is that See what can happen if you take 

„ . ' ' ^American culture is irameasur- His • apparent successor is the international Dress centre an .American to a cricket match. 

So much for the contimmy. : Thomas Wyman, who has been S? ti?e ^rea? day Sll be on Ford Beckman, a 29-year-oW de- 
it what of the novelty . The David Hatberstam in bis book .in that role for around.two years the verv spot from which’ signer from Tulsa, Oklahoma, 

ie interesting innovation of “The Powers That Be," despite numerous rumours of Henry VTTI watched as his “liked it so much that I sorts 

p nftu.* orw^rnmenf s . nro u. _ .. .1 - , -r. n CU, J • 111 . . . v , . . . . 


j., u nn > than v“ *. 7** — r *r «»* «.«“ uuuuiti- other formidable entrepreneurs: aQ( i sank, univ tnt 

* p K? thS denve ' involves institutional mg with the explosive potential - Edwin • Land at Polaroid, and remained above water 

ever, he stands clearly as the reform. Italy's 194S constitution „{ American technology; wilKam Sonar at PHkbun* remained above water, 

only possible point of -com- servf d it well, by providng ■ But now the story may be ***° Th * n3a y th . ( 

promise between the ennsnan an unimpeachably democratic drawing to a close. The won! ^ . contemplated the futiii 

Democrats and Soctalu^ts. whose frame work within which the in New York is that -PaWy now Overdue • P. Qlic y oi warring wi 

uneasy, of ^f qU ilT ? countr y’ 5 contradictions (be 0V er 80. is to become a partner vVhat started -17 years ago with onental ^^P 6 * 

relations _proride_ the mato ^ the Iarge s t Communist in a privately-held busing that tbe diSive^ ^TSoS^ld 

memory of Si^ Spado Iinispre- party jn Wesi, or the huge owns ope third of the Interna- w«k^ e tUe soufficoS^of A«,+ 

nous 13-month, long govern- ^ ap between rich North and tional Herald Tribune and that EnSand is -’now destined to of VI© W 


and sank. Only the masts Nottingham knitwear company, 
remained above water. and Austin Reed have joined in 

The kins mav then have * Promotion of his classically- 
contemplated the futility of bis 

policy of warring with Con- Bmash exports to the 

tinental Europe. V teckman, who looks as though ! 

— — 1 ■■ - ■ — he has eaten just sti^htiy too i 

Qlit nf viQW much ice-cream, believes that! 


The experience is 
unforgettable. 
Just remember 
the name. 


Resolve 

But the 


■ gw neween nen ivorm anu nonai iaeraia irzoune ana mat England is now destined to v " the new range wSl push the 

. P oor South) can coexist.. But he may step down from .tite CBS culminate oh, September 28 in When the’ news gets -really popular preppy^ook “ out of the 

few deny any longer that chair m the next few mouths. a national occasion — -therais- depressing, there is always a classroom into <tfbe upper class ” 
^changes must be made, to . Paley knew what nie public ing 0 f the^Tudor warship Mar> - temptation nor to pass it on. — a rmwe that the fibn Chariots 

decision of the' strengthen the hand of the wanred — -*aU the _vray . frirar Rose. ’ But I am assured that is not of Fire already appears to be 


parries to pm oft an electoral executive part of government. Jack .Benny to Mission ; Impose _ * p or many years- after the the reason why the National encouraging, 
confrontation, perhaps until and streamline the workings of sible — and he gave it to them, find amateur divers ferreted Institute of Economic and Social 

Ttov-f- enrinp- will flrli'he iusfi- narliampfif. There are' Trme< rhex- car. in soatieK ) tfmin? ^ J ,1.. Cnin-* SacaaMk'. /inirtMlw «iriaar «ri!l swtfai 


sweaters may ow thrtr 


SUIUIIIUII up tl>UII 0 ll io U - 6“VU — - ™ dl tiUJWULfgjai J-VUITT iUICVaai iUl VUV HJIX. L-WUU1UJ. L _■ L. | . j , 

tackle economic problems which thing. v v moved broadcasting, into the tried," usually in vain, to get the Institute has been con- 

sss. Sri-S? £ 

TrtoU3_ ? drm n lsmtlon. in * mo „ c)os ^. teWalfn, ™ 2^ 35W S ..Si 5S.S2S 


vious administration, in almost more^closelv intT the WesTern CBS pla> ’ ed a 111 then Royalty became in- unemployment and has strenu- JJjLif 1 ^ Room ** worn 

its last act, approved a sweep- European p ' 0 utical mainstream. & n ngmg World Warn home ro crested, big business led by ousty urged more reflationary • w _ 

ing package of measures that , to setiin- up an ^.Amencan pubhe. ..British Petroleum shipped in. policies. This lime, however. J?™ 

would in theory bring Italy's Sl-jSJty commission frwnboih first ^sure tobrmid- - a nd the £4m project to display the review, wilt be devoted l?, a £T uS St 

runaway public finances under ^ - p _i' f Dar iiament to exa- “sting came m 1925, when tas the'ship in her home port of almost entirely m an evaluation ^ 

eontroL A new and similar 3 uSaliSi ^ family ci^r business sponsored Portsmoutii. suddenly became a dt Britain's productivity record Jjf 1 ‘g? *£££££. 

package is now being proposed, It So well be : * e ^ La PaIina Hour ?? a reality. in an international context 

which will have to be approved Innovation nroves loca! radio , stauon. Fifty totoars If .the rather is kind the * Editor David Savage fells me 


control. A new and mi S mine ways 
package is now being proposed, constitution. 
which will have to be approved e , e „ ftj 
by Parliament. If nothing is b Ultl 
done, the PSBR will reach 14 ™ 
per cent of gross domestic pro- /r3 ^j ous s 
duct this year, and H J government, 
estimates are to be believed. 20 ' 

per cent next. When one con- Certainly, 


that even this innovation proves 


be sold 


Certainly, If elections do 


vested* in CBS, which was then .fathoms down. Prince Charles, weeks and he had been coo- Austin Reed, which has a. 
a struggling radio network, and who has dived on to Maty Rose siderieg for some time’ whether Ion & history of laundmig mens- 
Se 'has. ruled it with an - iron . D iae -.times ( .wilL be watching to divert these resources to ^ear- collections, in the UK hy 

ainno * T* • 1 * " liMAn WnVrrn *i A WCFT KaW «KlT> 


siders that tiie proportion come next spring, as so many rod ever since. = ’ # : oil the lifting barge- other topics for th 

ranges from. 1 to 5 per cent in commentators are forecasting . a stream of beire-apparent The .world’s 'press will be issue.: "It's someth 
most other industrial econo- in Rome, it will have littie has come and gone in the past ithere in force judging by the experiment " he says. 


other topics far the August noted designers, wffl have «xc3w- j 
issue. : " It’s something , of an. s ^ ve rights in Britain for a year. 


most other industrial econo- in Rome, it will have littie has come and gone in the past ithere in force judging by the experiments" he says. ’ Managing director Feter Reed 

mies the urgency of the chance of achieving -much in 15 years., and his toughness is mambers applying' for. accredi- . Saving money was apparently sa 7 s the range will be intro- 

moment is plain, ihe aufs- the meantime.’ Bui if the.jffiiA:.. legendary.. Someone once com- tali on. -They ne«& hot’ get their not an important motive.. .But duced carefully, first in London, 
tion remains whether the new mission docs prove .ihe ffrst mewed to novelist-. -TiwraR. Jeet wet. _ A : press -centre at toe Instilute mav. nerertheless. ’Edinburgh and perhaps Leeds., 

government even more.. aware jsteir ‘along toe— road Toward? Capote on how well Farcy Southsea castle on 'the nearby be’ making a .point, m' toe There are some places in Bri- 1 

j: rtrnvirfino Tfali- with a svstom fnaked. " Ye*i." CatKUe avreed. shnm will mnnirnr the ouera- Treawinr in nf rhe ciih. tain, he admits, that mitrhr find 



of impending general elections providing Italy wifh a system looted. "Yes." Capote agreed, 
than Its predecessor, is any of government which its “ he looks like a man who has 


than ’ts predecessor, is any of govern mem wmen us 
better equipped to take neces- economic - advancement merrts t 
sariiy unpopular decisions, that then this first August crisis, 
will will few votes. causing inconvenience for so 


Jeet wet. _ A. press -centre at toe Jnsti lute may. nevertheless. Edinburgh and perhaps Leeds. .... 

Soulhsea castle on ’the nearby be making a .point m toe There are some places in Bri- *• *.. . • 

shore wiU monitor the opera- Treasury in view of The sub- tain, he admits, that might find r T* .1 * 

tion on dosed circuit tele- slantial cut in official support toe Beckman colours a littie too f illip |,fXg COnHOlSSCtlTS 

visioKr— ■ which it has suffered in recent ■ adventurous— and he was not : 5*“^" 


ust swallowed an entire human Yisiofir-- - - • which 

leing.” As toe Mary Rose Trust is years. 

But CBS has Inst its powerful still £400.000 short of its target I -v, 


Much toe same goes for the man'*, will not have proved a momentum in the past decade the newshaunds are each bein. 
other matters with which the waste of time. and Wall Street has become in- asked to pay a £5 fee. Few wil 


But CBS has Inst Its powerful still £400.000 short of its target I -wonder, too. whether a 
momentum in the past decade the newshaunds are each being study of British productivity 
and Wall Street has become in- asked to pay a £5 fee. Few wiU will make more cheerful read- 


thinking just of Lord’s. 


Observer 


1 





Financial Times Wednesday August 25 19S2 




BUSINESS AND . BIOTECHNOLOGY 

All that glisters is not gold 


By David Fishlock, Science Editor 


A HEADLINE that seems cer- 
tain to infuriate many research 
workers in the biological 
sciences appears in a recent 
issue of one of the world’s lead- 
ing scientific jour nals : 
"Nature’s guide to bio-riches'* 
it says definitively. 

The headline heralds the first 
monthly listing of the U.S. 
share performance of 15 "re- 
presentative ” ■ biotechnology 
companies, compiled with the 
help of E. F. Hutton and Com- 
pany in New York. Using this 
list the magazine has calculated 
a “ biotechnology index ” which, 
in contrast to the gloomy view 
now being taken of biotechno- 
logy by much of the media, rose 
2,7 points during July. 

.The 15 are an international 
mixture of established biotech- 
nology companies, such as Novo 
Jndustri (Denmark) and AJ3. 
Fortia (Sweden) and some of 
the better-known new ventures 
set up in the last few years spe- 
.dflcalJy to exploit genetic en- 
gineering. the new techniques 
for modifying microbes. 

These new ventures, particu- 
larly, have annoyed many-scien- 
lists in university and other 
established centres of medical 
science, because of die intense 
effort they have made to woo 
bright young talent away and 
build up their research teams. 

As some scientists see it, 
PhDs are being seduced from 
the paths of “ pure " science by 
large salaries and slices of 
equity in the new ventures. 
They fear the consequences of 
this unseemly rush to find “ bio- 
riches ” for the future of the 
science itself. 

Some big companies - — 
Hoechst, of West Germany for 
example — have began funding 
major new research programmes 
in acknowledged centres of 
academic excellence. Four big 
non^competing UK companies — 
John Brown, Daigety-Spillers, 
Galls her and Whitbread — are 
doing the same kind of thing 
with the Leicester Biocentre 
next month. But such deals 
still give the sponsors right of 
first refusal to patent new 
ideas and inventions— and this 
has caused some resentment 
among some academics who 
want the work to be freely 
published. 

In Britain, the notoriously 
uncommercial Medical Research 
Council (MRC) caused resent- 
ment when it made an agree- 
ment in 1980 with a new state- 
backed biotechnology venture 
called Celltech. giving this 
company an option on its new 
discoveries: Celltech was suffi- 


SocalpuTk 
outot 
venture 
wifo Cefns 


■SMtfc, 
flail taV 


E pgtOioCY SoMlpafls 

S coming on streamlS^ SL ■'■S5S: 

pggfSig 

tor bioengineering MyfSgassH 




ciently attractive to the private 
investor to obtain more than 
half its launch capital in the 
City. 

Biotechnology Investments 
has invested only a “ relatively 
small fraction” of thj $46m 
subscribed to its fund lest year. 
A business manager and a 
scientific adviser frora-the-bank 
visit every venture before any 
investment is made. “We are 
still completely confident that 
this is a winer," Lord Roths- 
child says. But investments so 
far are in the U.S. and Switzer- 
land: they include no venture 
in Britain, west Germany or 
France. 

In France, the Mitterrand 
Government has few doubts 
that biotechnology will eventu- 
ally be a winner. It fear? the 
devastating competition success 
overseas could inflict upon some 
of its traditional bio-based in- 
dustries such as wine and 
cheese. The agro-business is 
France's second-biggest in- 
dustry. 

The French plan, drawn up 
by a team led by Dr Pierre 
Douzou, a microbiologist advis- 
ing the minister, involves 15 
major French companies already 
in biotechnology, such as 
Rhflne-Poulenc, Merieux, Air 
Liquide and Pemod-RJcard. Dr 
Douzou has no illusions about 
either the timescale — he is 
taking a 20 -year view — or the 
high cost of establishing the 
new technology. 

In France. . according to Dr 
Douzou. academic scientists and 
industry are now eager to 
cooperate in developing biotech- 
nology. In Britain, the two 
camps still seem unreconciled. 

The new biotechnology ven- ■ 
tures fall into two broad camps. 
One camp is composed of ven- 


LEADING BJOTECH STOCKS 

Total 

market 

value* 

($m) 

A.B. Forth (Sweden) 444.1 

Bio-Response (US. 23 A 

Cetus (LiS.) 176A 

Collaborative Reserach (US.) 64.0 
Collagen (US-) 912. 

Damon (U.S.) 42.9 

EnzoBiodiem (US.) 73.8 

Flow General (US) 6 S -0 

Genentech (US.) 265.3 

Hybritech (US.) 110 JO 

Molecular Genetics (US.) 34X1 

Nova Jndustri A/S 
(Denmark) 635 

Monoclonal Antibodies (Ui.) 19 
Genetic Systems ( US.) 37.7 

Bio Logical s (Canada) 162 

* At June 25. 

Source; Nature 


tures guided by distinguished 
scientists who have no illusions 
how difficult and long-range are 
the targets they are tackling. 
The other (much larger) group 
consists of more opportunist 
ventures. 

In the first group are such 
companies as Genentech, one of 
the Californian pioneers of the 
biotechnology boom, some of 
whose scientific papers are 
regarded as outs tandin g. 
Another is Biogen. in Geneva, 
managed by the Nobel-prizewin- 
ning American, Walter Gilbert, 
and counselled by a galaxy of 
scientific stars. Celltech has 
modelled itself on this kind of 
company, with a panel of illus- 
trious scientific advisers. 

“ It's a fast-growing and very 
unstructured industry— a little 
bid wild but .very exciting.” says 
Mr Gabriel Schmergel, a former 
executive with a big U.S. health- 


care group who last year became 
chief executive of the Genetics 
Institute, a new Boston-based 
genetic engineering company, 
just 50 strong. This company 
was started in 1981 by two 
Harvard University professors 
of international renown, has 
attracted over $10m from two 
corporations — Sandoz, the 
Swiss pharmaceutical group, 
and Jacobs Engineering Group 
of 'the U.S„ which makes 
fermentation plant — and from 
a number of individual venture 
capitalists. 

But primarily it claims to 
exist to tackle some genuinely 
tough targets of medical 
science, such as making by 
genetic engineering the protein 
that causes blood to clot (to 
treat haemophilia) or the newly 
discovered hormones that regu- 
late the body's immune 
mechanism. Scientists recog- 
nise these as targets of a com- 
plexity “that few if any will 
succeed." Mr Schmergel says. 

Britain’s politicians stepped 
into this uneasy state of affairs, 
where science and commerce 
are still getting to know one 
another, last month with a re- 
port that few are likely to see 
as vwy helpful. The biotechno- 
logy report* from the Educa- 
tion, Science and Arts select 
committee of the House of Com- 
mons showed little understand- 
ing of, or sympathy for, the 
commercial case. 

The MPs were keen to lay 
blame for any shortcomings in 
the way of Britain is handling 
the biotechnology boom at the 
door of the National Research 
Development Corporation, now 
the new-ventures arm of the 
British Technology Group 
(BTG), the Department of In- 
dustry's own investment vehicle. 

They call for an end to the 


BTG's monopoly rights over re- 
search fended by : the research 
councils, and an end to any re- 
strietions on scientists taMp g 
their research “to the open 
market." 

The MPs also want the rela- 
tionship between the MRC and 
Celltech— in which the BTG has 
a stake — reviewed urgently 
“ particularly as far as exclusiv- 
ity in access to MRC-funded re- 
search is concerned,” before 
BTG attempts to set up a 
“country cousin" of Celltech 
to exploit the research of the 
Agricultural Research Council. 

Mr Gerald Falrtlough. chief 
executive of Celltech and the 
Industrialist who masterminded 

an entent cordiale between 
the MRC (at least, at top-level) 
and commerce, says diplomatic- 
ally that it must be a good 
thing to have MPs taking such 
interest in biotechnology. But 
he makes it plain that he be- 
lieves they have got it all wrong. 

In a letter to Nature he points 
out that “the cost of develop- 
ing a discovery and bridging it 
to the market often makes a 
degree of monopoly essential if 
it is to be worthwhile for any- 
one to take on the development 
risk.” 

Celltech and the MRC have 
been partners for less than two 
years. Celltech was founded 
to exploit, first and foremost 
a brilliant MRC invention which 
is virtually certain to earn a 
Nobel Prize for one or more 
scientists at the Laboratory of 
Molecular Biology in Cam- 
bridge. This is the discovery 
of the bybridoma or cell fusion 
technique for making mono- 
clonal (extremely pure) anti- 
bodies. with immense potential 
as new analytical reagents and 
drugs. 

“With hindsight one can cer- 
tainly say that if the right steps 
had been taken it could cer- 
tainly have been possible to 
patent the process," Mr Fairt- 
lough. believes. In the event 
no one can get a patent because 
no one made an application 
before the details were pub- 
lished by the researchers. 
“Somewhere, something went 
wrong, " he says. 

Celltech, to judge from the 
academic evidence given to the 
Select Committee, has not yet 
won the confidence of the 
British scientific community as 
a whole. It will be still harder 
for newer ventures — and not 
only in Britain. 

■ Biotechnology: Interim report on the 
protection of the reaeercb bate In bio- 
technology. Haute ot Common* Paper 
289. SO. £BjDS. 


West Germany today 

The myths don’t tell 
the whole story 


By Jonathan Carr in Bonn 


IT IS hard to know winch are the old myth has begun to be 
the more pernicious — tile myths replaced by another, dose to 
- . .. + v,„ its opposite. The economic 

foreigners believe- about the reputation of West Germany 

Germans or the ones the Ger- which had soared like a rocket 
mans believe about themselves, to an unsustainable height sank 
If the debade of AEG-Tele- back like a stone. The deficit 
funken helps in the long run in the current account of the 
to dear the air of both, it will balance of payments from 1979 
not have been wholly in vain, was seen as one sign of a new 
Until fairly recently West malaise. The inability of AEG 

Germany was widely seen as J b th? 

Aa - e vjirfxrhuit*. another — ana the scandal over 

Sf JgL . » r£ the trade union-controlled build- 

concern Neu. Heimat yet 
r™,/.. Aeoordin* to another. Non - Germans pro- 

thiR^-riVw* 0 the*’ labour force claimed the miracle over (often 

b? going 

2S2TS? St ol the drain-end strait ont new 

make sure managers did nothing Far East * 
silly. The visible evidence of 

the supremacy of the German — — ■ 

system was fee big and con- 

Sttg&EE? S»K - ■ ■ Germans tend to be 
Little wonder that much of the hypochondriacs, for 
rest of fee world was envious 

and a bit uneasy. The miracle Whom health IS not SO 
workers were admired bat not much a State to fae 

IO tL this vision was, at least enjoyed as a condition 


I in part, fantasy I had the preceding sickness. As 
chance to discover during - , . 

temporary work as a student 1H personal terms, SO 111 

two decades ago on fee produc- economic ones. A boom 
tion line of a German chemical , , , _ , 

factory. On the first day I was IS What happens before 
told lo slow down because my a w+- an UM rjr,d ic 
excessive pace was upsetting « UU5L, all upswing lo 

the ‘normal work rhythm, hnnnd to turn into a 
Astonished, I happily complied. 

This was not what one had been trougn. 
told to expect from fee 

Germans, of all people. 

What a relief! Mind you we 

worked steadily, we were never j t j s a t this depressing point 
forced to stop because supplies that the foreigners' new myth 
from elsewhere did not arrive coincides wife the Germans' 
on time, and as far as I can 0 wn. You do not have to be in 
recall no one mentioned a the Federal Republic for long 
strike. It was clear to everyone. t o see feat Germans tend to be 
all the same, feat if there had hypochondriacs. for whom 
to be a strike, the union was health is not so much a state 

strong enough to win — which to be enjoyed as a condition 

was a moral comfort. The only preceding sickness. As in per- 
people who worked unusually sonal tenaSf ^ in economic 
hard were the Italian Castor- ones . A boom is what happens 
better - -guest workers — who before a bust, an upswing is 

feus endeared themselves nei- bound to mrn in t0 a trough, 

ther to fee Germans nor to me. K a lot of farei gn ers say ^ 
After all that, it is hard to take German party * over> that 
recent reports about a collapse merely coincides ^ith what 
of the Geraan work ethic very Germans have believed 

seriously. The start of fee col- would happen all aiong. “ Mene, 
lapse evidently predated my T ekel. Upharsin'* wrote one 


arrival on the scene. 


distinguished German 


Over fee past year or two paper commentator the other 


day about AEG, expressing the 
[ feelings of many of his country- 
men. “We have been weighed 
. in the balance and found want- 
: feg." 

L There are some good reasons 
| for these almost permanently 
furrowed German brows. True, 
the post-war reconstruction 
period brought a boost to Ger- 
man morale as well as to fee 
economy. But all the talk about 
a U'irZscJm/tsifunder never re- 
moved fee deep sense of in- 
security many Germans feel— 
as part of a defeated and 
divided country, wife almost no 
domestic raw materials or oil 
and a big, permanent deficit on 
“ invisibles " (which fee rest of 
the world used not to notice as 
it goggled at the German sur- 
plus on visible trade). 

Hence the German tendency 
to worry incessantly and in 
minute detail about economic 
problems which other nations 
easily (sometimes too easily) 
shuffle aside. The mystery is 
that although over the years 
the Germans have become the 
world's champion foreign travel- 
lers and know their export 
markets intimately, they still 
seem unable to bring real per- 
spective to their domestic diffi- 
culties. They often talk as 
though theirs is the only 
country with high unemploy- 
ment and almost no economic 
growth. Yet the whole Western 
and Communist world is caught 
is a recession from which no 
single country can draw itself 
out alone (wife the possible 
exception of Japan). 

The pressure is driving many 
badly-managed, as well as some 
well managed, companies to fee 
wall and, alas, AEG belonged 
for some decades to fee first 
category. There was no magic 
German system which could in- 
sulate AEG when the strain be- 
came intense. True, bankers 
and workers' representatives sat 
on fee supervisory board — 
but made mistakes like anyone 
else. Likewise, the decline of 
AEG does not signal an impend- 
ing German economic Gotter- 
damme rung.. When fee cur- 
rent cr*?is has passed, let us 
hope we will hear less about 
German miracles and tragedies 
— and more about a medium- 
sized country doing pretty well 
in similarly difficult circum- 
stances to the rest of us. 


Letters to the Editor 



The UK economy, the CBI and the trade unions 


Living in 
London 


From Mr K. Daly 


From the Managing Director. 


leave fee Confederation of 

‘ Sir, - Perhaps you ought to Forest Constrain * British Industry S m (iSS* V who 

give Mr David Basnett (August Sm,— The „a«ajled gloom The re^ons for feeir depa^ seemS believe feat to pay 

IS) another thretM-niumn shot “City 'S,” th. SSftaFXl. the CBI *5£ 

at the British economy. of British industry is being tains, albeit wife a little diffi- SreV 

He says feat m periods of accused of spreading has sound culty. its apolitical position. SKScv it he SSrved 
free collective bargaining over foundations in fact and expen- The CBI has committed, in fee L tbp metro- 

z SSULT&SSS'S 1 r a i ds ,?1, r 7 hab n it ^n t ° 

quality of the labour force has j ac {- of new work and fee even compounded this crime by merefv the 


From Helen Passey 
Sir.— In reply to Mr P. 
Sergeant (August 18) who 
seem£ to believe feat to pay 


not been improved. 


severe competition for what consorting wife the “enemy” in 


Smce Margaret Thatcher was there is, is a clear indication to fee shape of Peter Shore. Both within r^nHnn hut 

elected fee UK has had free many industrialists feat things of these demonstrate, in fee transport within London, hut 

SSHw tanSnin?. fee only are not improving. belief of these tired Tories, lack * S *? -T* 


■Hiis involves not merely the 
considerable cost of public 


collective bargaining, tite only are not improving. 


discipline (and the best, un- Industry has supported wife of: support for ”our’ Govern- fee cost of tranroort- 

doubtedlyi being availability of enthusiasm the Governments menL . . t’SJ Se Seased co? of 

money. During this time, infla- policies which have brought The CBI is not, at least I " g *2” f in France and 
tion has abated, and fee trend inflating . under control and hope it is not. an arm of the ” £ L D0I S fee 

looks likely to continue. There which, have resulted jn. mdus- Conservative Party in the way i!”, nf huv 

lave been rnsuiy cases ofreduc- trial undermanning being that fee TUC is a member of W ; much j gn Mwo m of i "*• 
ferns in overmanning and fee drastically forced down. ' Both fee Labour Party. My company Slo^feSethat 1 ! 

replacement of trade union- policies _ have improv-ed our is m membership with fee CBI ^ JkJUs belie many 
imposed restrictive practices by competitiveness as a nation. because it represents fee views * T 

flexible working arrangements. - What, frightens us now Is of industry and commerce with- a 1/0 n 

ThtJ 1 industri^ efficiency and that .tins, downward spiral in out fear or favour to. all British Srt from the dubious 

fee quality of fee workforce acuviQr and employment may Governments. As soon as the fee 

have q botJ? improved and fee become unstoppable. The post- CBI starts bending fee facts to ^f Tie ^ ts . 

Sride and nw-found job satis- tion is as- bad as the CBI suit fee circumstances it can trave! of thmiMnds of public , 
feJdon of many workers who describes nnd it is surelyright say goodbye to my subscription I 


flexible working arrangements. 
Thus, industrial efficiency and 
fee quality of fee workforce 
have both' improved and fee 


Sre accePtod changrS one to be urging fee Government and. I beUeve, those of tarn of Scunfeorpewife 

r«S e “ ve Ja ° , ’ e “ oa,er "" n busi ' 

I note, too, feat Mr Basnett's- hSiSSTstrwet J Al n ?« T a !, WayS ^ very niny efficient 

sr.^ a iSsc; a 


its environs has probably more 
than its fair share) it must be 


standing. Maybe feat's the nub . .. the deafe jts i 

of. his problem trying to From Mr IV. Mendes. say it That, is democracy. 

many a failed past with an Sir, — It is sad that fee Nicholas A. Mendes, 
unlikely future. directors of one - of * fee Midland House. 

Ren Paly. - - - nation’s most important .civil New Road. ■ 

Little- Conhall. Dnjc lands Lane, ' ' engineering companies—Taylor Halesowen. 

Coptkorne, Crawley, Sussex. WoodroiMbould decide to West Midlands. 




Tri_ _ - . - y |U available for the rest of the see whether in changing from m ent to ensure that the nation’s 
* jWfi currencies. world. piece work to day rates, Rolls- capital city possesses a trans- 

tn onltl If you pressed me. I would Koyce can be the first company port system epabMng it to 

5 be a very- happy man to see ^ country to avoid the 20 arrive at work wife as great a 

From Mr Shaw “fee gold standard" brought fSl-bark in labour P«ce of mind as possible. 

Sr— Now - that' gold is bade internationally because P er ceut fl2WW *. m labotxr one other advantage of 

« tin thP world markets then sold would have to be re- effort which normally accom- ensuring London is served by a 
.aMare ra the wwW martets. va]ued < at flb0 ut 510.000 : an panies such a change. cheap and efficient transport 

particularly ui tbe last few days. oubee/ maybe eventually reach- Many major companies in the is feat visitors may 

I have read with grpwing.amaze- ■ $100,000 per ounce), while “f 301 a5,np ™ es m t “ e ' j ftV its amenities and haring 

meat .same new complicated on my screen at this moment UK going to measmed day work, Jgf ” Remonstrate a greate? 
acad emic arguments and pro- gold. is $355 an ounce. • . high day rate and similar sys- ^uingness to return. This 

msau to tip - national curren- I know gold will r&fhfl.OOO terns in the 1S50S and 1960s f ac afty therefore indirectly 


on account of the capital being 
rendered a more unpleasant 
place in which to live fee detri- 
mental effects would in many 
cases be felt across the country. , 
A Londoner travelling to work 

will continue to travel and it is 
feus surely a reasonable invest- 
ment to ensure that the nation’s 


be a very happy man to see 


piece work to day rates, Rolls- capital city possesses a trans- 
Royc® can be the first company port system enabling it to 


in the country to avoid the 20 arrive a J *? r f a 


“fee gold standard" brought £ peace of mind as possible, 

bade internationally because P er ceat tRU Dack m labour * nno nt h er advantage 


posals to- tie “national curren- 1 KflOW s oi “ ieou ^ 

» to eo i d cq f ar no com- ounce in the medium term, were seriously damaged by their benefits all of us for by contrast 

ments for or against have been rf^i^ratheriaS S* 8 ®**™ 111 to control with the Londoner a viator 

fartbamiig from anyone en- labour yerformsaae. 


larwcamwg zrom . a uyoue ^ }d standard ” for 

s.-.s.asss 

oruj liie gold tndusto’- - pass is estux* . 


W. Shaw 


publicised in your article, Rolls- 
Royce will have thrown away 
fee output percentage per man 


ease of defiaition let us call it Porft, Chester. publicised in your article, R< 

“the ' gold Standard" which : — : ; — Royce will have thrown a' 

iWEBSS more than five iaiimtes . r _• fee output percentage per i 

of ^ debate is “There ’aint Changing ITOm piece Qf son , e thing in the order 
gold in - the w o e day rates' * 20 per cent by the end of 

For exah&fe, if 'each person ■ From Mr T. Finnegan ‘ first operating year. 

in. Great Britain, France and -Sir,— Your a ^^l e T*. 

WeStGermany bought one gold Royce (August 19) productivity Richmond Edge . 
sovereign each year, then not targets is extremely interesting DarhngtoiuRoad. 

“S oS of fiold is then and it would be interesting to Richmond, North lorfeshire 


subsequent inability to control with the Londoner a viator 
labour performance. from overseas whose journey is 

t ■ v * -,i_ , . made less pleasant will no 

I would bet, without knowing ]onger mne Brit3ill it 

the arctrmstances inside Rolls- He will not be persuaded to 
Royce, that in making fee take an alternative holiday in 


Mr Sergeant paints a rosy 
picture of life In London. In 
comparison with Scunthorpe 
(where I was bom) it should 


of something in the order of rem i n d him feat it is dirty, 
20 per cent by the end of the smelly, humid — and expensive. 


first operating year. 


Of these, Londoners seek small 
subsidies to relieve only the 
last. 

Helen Passey. j 

75 Cronjield Rood, SEC 


ISLAMIC REPUBLIC OF PAKISTAN 

Oil and Gas Development Corporation 


INVITATION TO BID FOR 
PETROLEUM EXPLORATION ACREAGE 


The OIL & GAS DEVELOPMENT r* 
CORPORATION invites oil compa- 
nies to apply for joint venture 
operations over the eight onshore ^ 
blocks delineated on the opposite map. 

A BROCHURE OF PRESENT- 
ATION giving all the relevant infor- 
mation and the conditions for pre- ”* 
qualification is available free of 
charge on request by telex at the 
address indicated below. 

The blocks will be offered under a 
CONCESSION AGREEMENT 
governed by the petroleum legisla- 
tion already in force for several years. - 

The DATA in respect of joint 
venture areas will be available for 
examination to the pre-qualified »* . 

companies free of charge. 

The DEADLINE for SUBMISSION 
OF APPLICATION for PRE- a- . 

QUALIFICATION is 
OCTOBER 31,1982. 

AH enquiries and proposals ■ 

must be submitted to: 

The Chairman 


01 vd Cm Onatarnw Caivawwi 

CONCESSION BLOCKS 
80 *0 0 so 

k sMMsaa Ki 
SO 30 10 D 5D 


V 

^♦SHAKARDAIIA 


7* 

ISLAMABAC 




* 

r -' . Er 


OAHVA KUAN - Bj 


KHAN- At 


ISmH CONCESSION BLOCK 
• OEUNEAteoSTAuCTuaE 



Oil & Gas Development 
Corporation 

2D-C. Street No. 2. F-8/3. 

Islamabad, Pakistan ' 

Phone: 51044 Telex: S6920GDCPK 


UaWCTW 
7S® KARACHI IV 


'-''.J' 


Paragon •QGOC-S 


I 




16 


and Markets 


Financial Times W^dcesday Au^ust 25 19S2 


UK COMPANY NEWS 


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Bairstow LaSmO i 

iirVes 1 profits profits of tad0K and 

. „ ^ ^ Scottish Marine Oil i Lasmo) 

(ifl r>| fCTpr Qf .have risen by £9.2m to £64.2m 
aL for th9 first hRlf of 19S2 _ Eu1 

jt attributable earnings. including 

CIY mnnthC' £5.Sm last year arising from the 
lUvIilUO M lo 0 f 1 . 5 m barrels of " make-up 

Bairs tow Eves, which have ^pped from £2ilm 

obtained full Stock Exchange to Jp® ,?n 2r- „ 

listing in June this year, reports Jhe directors say results 
pre-tax profits for the half year achieved during the period and 
to June 30 1982 of £421,310 from rece . Qt developments justify 
turnover of £2.67m and the raising the interim dividend from 
company is confident of meeting 4p t0 JfP aet ~l\ s fi J' eaj: ? *°i? } 
its profits forecast of £lm for w ^ s l0p "1 -J 13 -W l ^? a ^ 
the 12 months. profits. First-half earnings per 

“L 1 TT ^ Sop share irere 30p. against ^.7p 

The directors have declared excluding make-up oil or 3i.7p 

a net interim dividend of 0.22p includin'* 

per 5p share, as predicted in the M-d-year eaJes inwaied from 
prospectus issued in May. Earn- £i(W.4m to £116m. ‘ In the UK 
ings per share are stated at crude oil accounted for £105.9m 


Lasmo rises to £64m pre-tax and pays more 


PRE-TAX profits of London and and retained profits £lo-Sm 
Scottish Marine Oil (Lasmo) i£lS.5m). ?£ihr “ 

.have risen by E9.2m to £64.2m The company has recently “tetaotiaily as the Ulang, 
for ih“ first half of 19S2. But taken two major steps to expand Mengkapan and tvakap fields, 
attributable earnings, including and diversify its production and currently under development or 
i £5.Sm last year arising from the operations. , awaiting development, are 

I sate of 1.5m barrels of - mako-iro It was announced in June that brought into production la .1983 
i oil ” have slipped from £2-Ura agreement in principle had been and 1934 . in addition there is 
to £23 7m readied to acquire, subject to considerable future exploration 

The’ directors sav result*! Department of Energy consent potential. 
achieved during the period and nod shareholder approval, or s Hudbay ^ fl,* operator for (be 

S Sj^SSffaS Beatrice UJy -jj 




operations. awaiting development, are 

It was announced in June that brought into production In .1983 
agreement in principle had been ana i$S4. In addition there is 
reached to acquire, subject to considerable future exploration 
Department of Energy consent potential. 

nod shareholders’ ^preyal. BPs Hudbay * ^ opt?rator for &e 

Beatrice Ug, -g 

it h** subsequently been thus be undertaken jointly by 


profits. ‘ First-half earnings P=r . agreed that the data of acquto- toe WoodMh^'gas* 1 difr 

25p share were 30n. against 23.7 p two should be October 1 19S-, mvem ix imrlnH7ran» nnutneiHnn 


25p share were Sflp. against 2*.Tp 
excluding make-up oil or 3l.7p 
including. 

Mid-year sales improved From 


rather than be back-dated to 
January l as originally proposed. 


covery is undergoing production 
testing — and Italy Lasmo will 


This will entail various adjust- become the operator. 


After commenting on i£e financial markets in the light o£ the 
trade figures, the bulldoe issue by EDF of France and the 
sharp unswing in gold to over S400. Lex moves on to consider 
the mail company news of the day. Exco has reported an 
increase in pre-tax profits from £5m to £6.4m. The company 
has taken a conservative stance towards the effect of the WICO 
acquisition and the Increase in the Unitel holding. The second 
half is expected to produce some good figures and the interim 
pavout is 2Jp per share. Dc Beer's results turned out to be 
much worse than anticipated and the share price dropped 2Sp 
yesterday following a halved dividend.- Thanks to a change 
in the accounting base the profits drop is. only R52m to £295m, 
hut the underlying trend is much worse. Finally. Lex takes a 
lock at the half-time figures from Lesmo. 


TAXABLE PROFITS of money broking /operations - t» ■ coo- 
broker Exco Interinftoaal ..touting ..to srow tand ' show 
advanced sharply from £5m to increases in hoQi turnover xsd 
£§.45m - for the 6lx months- ‘to- profitability. . \ _• * - - - 

June 30 00 higher , turnover of Group, tradings ^ daring July and 

£2055m, compared with £l6.88m August ; cfartfawd at '• “« 
— an increase of 23 per- cent, . encouraging level. 

Operating profits rose by £790J»0 The performance^ Carr is 
to-S5J3m. = - = - - "yeiy pronrfstog," desnfejw-fe. 


The directors consider the coot effmate in 


results satisfactory, pazticnla: 
in view of the fact that they 


stock market*.' and ToiecKte ts 
malting “ excetiont psoErwfc" At 


£109 .4m to £116m. ‘in the UK meats in respect of transactions 


not. include any benefit of the otSrJxQy a tocaT of 7j07ft t*r- 
recent Increase of the group's gfiii^-had.'&en.'aiiUM'-eoiii'' 
investment in Unitel from 36 to pared wHh 5.078 at September 30, 


2.33p. 95 against a forecast for 
the year of 4.09p. Tax for the 


f£I03.2m) and 
densate £3.5m 


uw jyw vi i.wK- iBA rut uic aensaie *^.oiu l£ 12 ml, u.a. ~~ rr— jc,uw uopa net 10 Mismo. to con- ductnon for rne penoa January viamiiij 01 uev, wvciufmiaiia. 1 jg _ -- t r — P , r~ rnc «»™w. 

pentad took £21EU>81, leaving net crude oU sales amounied to £6.6m penod and the pur^ase con- at ife present leve j. The j line iqss was B. 14ra barrels. Meanwhile the 18S2 Finance Art gT dmdgid.ig be^heldat&gp. 

nmfifej £ 202 _ 220 . sideratioa mtJ] now amount to ™-n WL . rfrrf fnaJr/> tnmp amAnriments I *?“*■ account 0 t lue £Jfm extra Tar-»W« nrofite for the 


meats in respect or transactions During the second half of the w — ■■■■'" 

since January 1 whien largely year the directors expect Ninian 

reflect additional capital expend!- pro< j uc tion. currently yielding barrels). Lasmo’s share of oro- 


49jS per cent. 
They, point 


M6L ■' 

-Snted earnings per lOp there 


hire incurred by BP in this 28,000 bopd net to Lasmo. to enn' 


barrels). Lasmo’s share of pro- factor in assessing the economic fffl’ tbe fira half came through ly 

duch'on for the period January viability of new developments, ^ 7.1p ; ^ iaftran 

moo sum barrels. Meanwhile the 19S2 Finance Act f Q . r period since- tiw figures rtTvideadis beans held at. 2Ja. ' 


profits Of £202^29. 

Mr John Bairs tow. the chair- 


(£5m). 

Operating profits were ahead 


mao, predicts substantially from CRO.lm to £73.9m. before h _jjj« on -i uem ana vruiu uiuuucata auriog «it? I'ni-u 

higher earnings for the serond charging net interest paj^We of Lwmo ivnll ha« addUional pn> ^ h£ree t0 ^ ^ j une averaged 524m cu ft per 

half. £4.7ra (£fi.5m) andafSm (£4.bm duetjon from feamce of some , nterest burden «, eLr acauisi- d av (4S9m cu ft per day). 


sideratioa mtJI now 
aproximately £80m. 
From October 1 


therefore 


company will begin to receive The British Gas Corporation 
production from the Beatrice offtake from -the Hewefct field 
field and from Indonesia but it during the perted January t.o 


half i-i.ira (tn.sm) ana a iam iw-emi 

c- , .. . prevision for psyment nn ’iie OiI 

Sinre the flotation of this resi- p^^rtion stock (OPS), 
dential estate agency, offices hare esact amount of fhe OPS 

been acquired in Dagenham anti payment in respect of the period 
LoughUm m Essex and Edgware cannot bo determined until the 


sono bopd and obtain current interest burden of their acquisi- day <4S9m 
. . f «-i._ non. - T,3smfj s ?na 


tax allowances arising from the 


tion. 

Looking further ahead, the 


* ™T . T V ii. ,,TH- ovn^nrtiriiro LiOOKUlg TUrtner atltdu. me- Ull piUQUYiiuu lium - '■ 

The exact amount of »he OPS capita 1 . directors expert that Beatrice wholly owned U.S. subsidiary, 

payment in respect of .he penod The -second and even greater T ndnnpsian orodurtion will Rates Oil Corporation, averred 


■itish Gas Corporation drd make some amendments ; 
rom the Hewett field which to a small extent improved 
\e period January f.n Lasmo's tax position- 
raged 524m ru ft per Cash flow from operations, 
inf cu ft per day), during the period January 1 to 
Lasmo'# «hare was 4.09bn cu ft. June 30 after payment of tax. 
Oil production from Lastno's amounted to £61 m. Capital expen- 
wned U.S. subsidiary, diture in this period ( including 


tasejccount m me ww. mra rkaMe.vMi-Ur.iht-ftM 

Apn! r , Without tocfrrtet a mw * . bigbor stare 


the corresponding benefits. 


associates 


£L22m. 


In addition^ the directors say «aw S 67 O 00 
although .no loans for the pur- 

chaee of Telerate by Unitel were contribution tnrtuded pretax 


in Middlesex, bri aging the 
number of residential sales 
offices to 36. Mr Bairstow says. 
These acquisitions are not 
expected to affect profitability 
In the current year, but will 
enable the company to progress 
in the future, he adds. 

The directors say they are con- 
fident that the company is io 


precise operating costs incurred acquisition of Hudson 
in extracting Ninian oil and con- and Gas Company s 
veying it to the terminal at mainly in Indonesu 


stM ’w/stae MKOtlV announced and Indonesian' production will Bates Oil Corporation, avc-ra-red ?25m for the acquisition of pro- 

^^'“dr'SSS.SISS^ ”« _ir‘Sr 


vimm; ui 1 uy unitel were n . . tt— j,. 

drawn down until January 4 this PfffifrffiTtr 
year some £447,000 of imputed 
Interest was charged against pre- 


interests eventual decline of Ninian but in 


mainiy in Indonesia (to be 
shared equally with BP) and. 


crease Lasmo group crude ni 


barrels per day) during the haif 
year. The higher level is due 


ictioo and exptaration acreage ta 5J >r0 ®t s ?*- as 5? c i**??' - - dialf^ tiur* 1 

in Kan as. Louisiana. Oklahoma They explain that the acquisi- 
SASi S2S to aSlT tootrepercent.ofW LCm 
Kpsprvoir and eneineerinc Son® and Co. (Overseas) Hold- P* 1 ^ cent mgner , « £U6nu 
stifdies are continuing to seek on May 26 and co gP^ ed 

both economically and tech- therefore, only one months 

nically acceptable methods of emtaw were mdnded in ^eos «T ite MbwAnbr 

exploiting the Columba/T Block 1 

end .Andrew fields. Attention Is fits of the additional investments ranbmr 1981- Its taxable profits. for 
now turning to possibilities for to _TJnitel and Carr. win be godedDece mbw- 31, 19 6) 

ctevpionin-i the fields ustac float- reflected to the results for the totaled £IO-6Sm, os to rower nf 


production, so that by 1SS4 it to the addition of prod u- t ion 


The directors say they are con- raafee-up oil. 
fident that the company is io Tax increased from £3i.«n to 
an excellent position to benefit £42, 2m. Alter all charges, profits 


from the increased act ivity to 
the boosing market 


fife Indinar 
profit rises 
to £397,000 

Pre-tax profits at Fife Indmar 
for the six months to June 30 
1982 advanced f rom £375,000 to ] 
£397,000 on turnover up from 1 
£5. 02m to £8. 58m. t 


retained were £0.8m lower at after 
f 20.4m. Lasm 

In current cost terms, pre-tax expei 
profits were £59.6m (£52. 5m) It i 


approval as well as governmental radically transformed by these barrels or cniae 
and otlier consents the acquisi- two major developments.” the cubic feet of gas. 
tion is effective from July 1 and directors state. Representations- continue to 

after various adjustments Ninian continues to perform made by industry associations 


nically acceptable methods of 
exploiting the Columba, T Block 
and .Andrew fields. Attention Is 1 
now turning to possibilities for 
developing the fields using float- 1 


ing facilities, which offer the j months. 


£36.57m- 


Las mo's share of the costs Is eatremely well. Average oil pro- and by maividual companies* cpd- 
expected to be around S145m. duction for the half year was cerning the level of taxation on 

It will bring Lasmo immediate 305,000 barrels per day (292,000 North Sea oil whien is a major 


opnortimity of lower " front i 
end " capital cost development 
See Lex 


directors 


See Lex 


Charterhouse Petroleum rises 
to £6m in first six months 


Fairdoegh- climbs 
31% in first half 


The directors of this holding house Petroleum 


PRE-TAX PROFITS of Charter eiated companies' 


company 

general 


wtih marine and 
engineering interests 


months to June 30 1982 rose from 
£5. 24m to £fi.02rn. bn turnover up 


sly little changed 


-losses were Interim statement presents a 
at £47.000 pleasant aspect with attributable 


FIR5T-HALF 1982 turnover of 
Falrclough Construction Group 
has risen by 9 per cent from 


• comment 

Fairdongh is one of those com- 


have declared an unchanged art from fS.Plm to £20.63m. Profit receivable on short term depo: 

interim dividend of 1.3p per 25p from oil production hefore duty amounted to £2. 37m (£1.8Smi. 

®P the rncrewed capital, advanced from £5 5Sm to £fi.57m. Petroleum revenue tax for the envy cash rich Charterhouse. w After tax of £S51m acainst and yesterday the share price hit 

r £XSZ A nel din ' company, which, is involved in though with drilling and £2 .67m. earnings per 25p share an ail time high with a 7p rise 

Jwmajw) ^ P™' 125 P rofits dend of 0.25p per 25p share is oil aQd ga S exploration and pro- exploration set to move up adva nced from 5.61 p tn 7.37p. to 190p. It now looks as if the 

m ti-w-uw. recommended, and eartnngs per duct i 0n , was down sligbtiy to another gear, that figure is now toterim dividend is bein= group vail beat its 1981 profits by 

Tax provision for the half year share are stated higher at 2 .tip £i.gs m f£2.0Sm>, and corporation far the first time outweighed by stepped up from 2p tn 2.5p net. a good £3m. Fairclough is hot one 

£90.000. against £195.000 m the (1.66p). Last year a final dividend tax totalled £2.01m t£1.84m). capital commitments, which costing £l.lm < £0.88m last to bare its soul to the market but 

irresponding period of last of C.5p was also paid, from pre- Tbere was a £395.000 (£167.000j have risen above -the £24m ve ar's total payout was 5.5p on it look* as if investment income 

ar, when provfiaon was made tax profits for the 12 months of exchange loss. indicated in the 18S1 report and record £13.45m taxable profits. held around the £2m mark and 

the rate of 52 per cent £10.1m. _. , «n accounts. Charterhouse very Mr Oswald Davies, the chair- associate profits came out a little 


(£44,000). Interest payable was barrrtage peaking at ! Jf * ^longn is one 01 tnose com- 

£333,000 (£300,000) and interest --...-j rtnnn d«v and net i ^ ^ u” 1 " « «« P anies which perennially does 

receivable on short term deposits SSUSEL I t^P^haveshownaSl per bptter tJian ^ c ,ty e.vpects. The 


cash swilling around tiie £30m 
mark. Many oil companies might 
envy cash rich Charterhouse. 


cent increase from £5.13m to 
£6.74m. 

After tax of £S.51m. against 


latest figures are no exception 
and yesterday the share price hit 


£2.67ra. earnings per 2fip share an ail time high with a 7p rise 
advanced from 5.81 p tn 7.37p. to 190p. It now looks as if the 


is £90,000. against £195,000 hi the 
corresponding period of last 
year, when provision was made 


art the rate of 52 per cerJt, flQ.lm. 


“■7-'-- I' Xm l.UUtil 1 m..UOUW| OliU 

(1.66p). Last year a final dividend tax totalled £2.01m (£1.84m). 
of 0.5p was also paid, from pre- Th^re was a '£395.000 (£167.000) 
tax profits for the 12 months of exchange loss. 


which was in excess 
actual tax charge 
Attributable profit 
current cost basis 
through at £175,000 


of toe 

on a 
comes 


Supplementary petroleum duty 
for toe half-year came to £ 1.55m 
(£1.46m). exploration costs more 


in the immediate future and says ^ ndee-bark ner toare." 

nmm-Aec hppn mem rane-oacn per snare. 


in the immediate future and says 


which costing £l.lm <£0.SSm;— -last to bare its soul to the market but 
^4m year's total payout was 5.5p on it looks as if investment income 
ort and record £13.45m taxable profits. held around the £2m mark and ; 

very ^ Oswald Davies, the chair- associate profits came out a little i 
^ far man. says the group is maintain- higher. Despite £7m worth of ; 
govern- ^ ft s forward workload without investments during the half year 
share, ’ erosion of margins and — stakes m Wm Press and Green- 
only anticipates certain significant coat Properties and a large 


cant coat Properties and a large 
building in Manchester — Fair- 
sub- clough is still sitting on £30m or 1 


•ji*: jii: 1 


ill-will ». npiunuiuu wv mure — oroCTess has been erosion of margins ana — stanes m wm nress ana tireen- 

toan doubled to £SS3.CG0 th^jndusrtrvTn reducing this has fallen to only anticipates certain significant coat Properties and a large 

(£409.000). while share of ssso- u ». h _ ttxt -afes of taxation 3_2 times earnings per share, as awards in the near future. building in Manchester — Fair- 

— — — «n nli niwluctaT activities ” a * ainst 47 t f mes ' «flectans ^e The recently formed sub- clough is still sitting on £30m or 

— \ ^nwptTrment. mvaltv dutv and com P an ^ s increasing involve- si diary, Fairclough Projects, has so of cash. The ultimate home of 

texS per share we put made on impact in toe project that heavy purse is stiB 

Se SS-^ \ Of exploration most notably Ami management field of tne maustry undecided but the group is look- 

% pg ^at - \ ' '' 1 ’’ Dhabi. Charterhouse Petroleinn's in the private sector and has ing at half a dozen possible 


However, the company says it acreage has now reached 1.2m, secured several notablacontracta. acquisitions and a bid is surely 

»n‘ miihx .hniit tho Iftn^Jprm 1 a nnn ...u» u. .. n _ , . _ . X r XT _ 


is optimistic about the long-term as against the 14,000 when it was he states, 
benefits of its exploration ana floated off from Charterhouse Further substantial invest- 
pro duet ion assels and is evaluat- Group (which still holds 45 per meets have been made which 
ing various international oppoi> cent) in 1980. The company will produce benefits in the 
tunities which appear to offer now seems more interested in future as have earlier steps 
attractive returns based on North America— hitherto it has taken, where the proup is now 
realistic oil price and tax resolutely avoided anything west serine rewards and good per- 
assumptions. of Ireland, lip 1 p- at Sip, the formances from its associate 


Investment Ommsim 
PLC 

.^INVES TMENT TRUST COMPANY WHOSE POLICY 
IS TO ACHIEVE CAPITAL GROWTH THROUGH 
INVESTMENT IN TECHNOLOGY COMPANIES 
The recession, in the United States has 
been widely predicted as likely to end in 
the second half of 198Z; this view now 
seems optimistic and we continue to take 
a cautious view overall With a substantial 
degree of liquidity, and a sound portfolio 
in an attractive sector, your Directors are 
confident about-tbe future " 

7 (^ih c.- 

w CHAIRMAN 

30 JUNE 1932 *' 

NET ASSET VALUE 14S.9d 

TOTAL ASSETS £42.?m 


attractive returns based on ]sj 0 rrh America— h'therti 
realistic oil price and tax resolutely avoided anyth; 
assumptions. of Ireland, lip ip, at i 

Results benefited from htcher shares yield i\ per cent 

prnduclicn in the Tlitetie Field. 

increased interest income and 

the lower rate of deferred tax. T'v j 

The Trill in the value of the pound I V PI 

offset weaker dollar oil prices. v T? w 

Oil produced in the period rose • 

pto^taffi.’’"™ 1 *' 504000 . improvei 

Since its flotation two years trrrRT'rrvr? pboriitos 


wilt produce benefits in the 
future as have earlier steps 
taken, where the proup is now 
serine rewards and good per- 

formances from its associate 
companies. 


Dowty expects further 
improvement this year 


FURTHER PROGRESS is ex- through the ronsiderabte invest- have 
emiiMaSwi Dowty Group during meat in advanced equipment Propei 

ud to SicreLto?S3ora- ^ current year ending March! during recent years should en- 31 1 

tSv dSSfna mSiS uldStanal 198s - For -ft « ye3T 19S1 ^ ™P roved efficiency m the £303 Jk 

it flamL*The banSS ^ profits rose by 8 per cent aerospace and defence division, Httfle i 

Sfll“ AflMtad ^n fradtiS from £3p4m to £3^12m^ on turn- ^ nf® 
results until oroduction from over II per cent higher at of margins, a abort term 


not that far away. Meantime a 
est- fully taxed prospective p/e of 
uch in.3 (assuming £lfi-mi and yield 
the of perhaps 5.3 per cent (hiking 
eps a line through the interim 
inw increase) is hardly expensive for 
ier- a company with this sort of 
ate management reputation and 
profits record. 


Apex slips 
to £303,000 

Slightly reduced net profits 
have been produced by Apex 
Properties for the year to March 
31 1982 from £341,000 to 

£303.000. Group turnover was | 
little changed at £L12m against 


results until production from 
new discoveries begins. 

It- is expected that the explora- 


£350 .8m, against £316.2m. 

In his annual statement with 


tioij charge will increase as drill- accounts. Sir Robert Hunt, the 


lack of growth, the chairman 
says. 

The mining, electronics and 
industrial divisions, despite 


ins activity expands. chairman, says the vnlatlity of industrial divisions, despite 

To meet outstanding commit- world market conditions makes ®f rce ? n mpetition aggravated by 

merits, the company has -pre- acnirate forecasting increasingly the P°2 r worl(1 , economy, are 

served its cash resources and difficult, hut with aggressive mar- exacted to make steady pro- 

thereby benefited from the pre- keting and strong management ST ess - 


To: The Secietanal Department, Ivory & 3;rr.e Leu ted, 
■ One Chulctte Scrjce.tdT.burgh EH2 4DZ. 

Please send me a wpv of l he 1SS3 Amud ?•= pan for 
The independent investment Company PLC. 


thereby benefited from the pre- keting and strong management 
vailiog high interest rates. These action to control costs, toe croup 
funds ?re being invested in expects tn make further progress 
exploration and production. ' during the current year. 

On a current cost basis, trading The group order; bonk at toe 


expected to make steady pro- 
gress. 

The group has recently made 


expects to .make further progress two acquisitions, both nf which 


are complementary to its exift- 


At the halfway stage art; 
profits stood at £166.883 com- 
pared with £174.097. 

Earrings per lOp stock unit 
are given as slipping from 3.17p 
to 2,S2p. ' The final net dividend 
is held at 1.3p which repeats the 
year's total at 2p. 

Tax this time took £323.000 
(£380,000). The' directors say 
that • extraordinary items of 


The group order; bonk at toe ing business and will enhance £83,396 have been debited to toe 




profit is put at £2.71m. pre-tax year end had increased slightly group profits. One, was a 75 per 
profit at £5.QSm, attributable hut insufficiently tn env^r the cent interest in Polypac, an 


< 

V 


profit at £5. 08m, 
profit at £741,000, 
per share at 1.42p. 

9 comment 


profit at rr4l,000, and earnings rate of inflation.' This reflects a 
per share at l.42p. reduction in aerospace and 


hut insufficiently to env^r the cent interest in Polypac. an 
rate of Inflation. This reflects a Dalian manufacturer of high 
reduction in aerospace and quality seals, and the other a 
defence orders, accompanied by 100 per cent holding in RFL 


The balance sheet accompanying group's other divisions. 


an increase in each of toe Industries, a U.S. electronics 


Charterhouse 


Petroleum's Increases 


productivity 



LMI ahead 
after first 
three months 


Fairclough Construction Group p.Lc, 


6 months ended 6 months ended 12 months ended 
30th June. 1982. 30th June. 1981 31st December, 1981 
£0008 £ 000 s £000s 


Mr C. M. Beddow, .the chair- 11 am ‘ 
man of London and Midland 
Industrials, tells members in his — — — 
annual statement that current 
trading results of the continuing 
businesses show profits for the 
first three months of tie current The follow 


company. 

At the year end, group fixed 
assets were ahead from £75.03m 
to £88.9m. Net current assets 
came to £111.12m (£ 101 . 33m) 
while shareholders' funds in- 
creased from £ 169.92m to 
£ 194.56m. There was a cash out- 
flow of SAJBQm (£19,000 inflow). . 

Meeting, Cheltenham, October 


capital reserve account. 


Yearlings down 

The Interest rate for this 
week's issue of local authority 
bonds is 10J per cent, down 
three-eigbths of a percentage 
point from last week and com- , 
pares with 14( per cent a year 
ago. The bonds are issued at par 
and are redeemable on August 
31 19S3. 

A full list of issues will be pub- 
lished in tomorrow's edition. 


BOARD MEETINGS 


126,808 

*116,734 

245,588 

6,742 

5,134 

1 3;451 

3.236 

2,464 

9,566 

7.37p 

5.61 p 

21.76p 

2.50p 

2.00p 

5.50p 


Turnover 

Profit before taxation 
Profit after taxation 

Earnings per Ordinary Share 
Dividend per Ordinary Share 


7/m results far Out six months periods hove no: been audited. 

Taxation on the profits for the six month periods has been calculated at 52°.L 


Points from the Statement of the Chairman. Mr. Oswald Davies. CJ3.E., D.C.M. 

• Profits before tax up 31 %. 

• Interim dividend up 25%. 

• After further substantial investments, liquid resources 
maintained. 

A Forward workload mantained. 


S&ndiway Home, Norfbwieb, Cheshire. Telephone: Sandiway 883885. Telex: 669708 

' . C5IVILENGINEEE?ING-EDIIiDING- , n3NNELLING'SUIffACE MINING 
STRUCTURAL STEELWORK 


first three ■mouths of toe current The foltewin H companies have notified 
year are ahead Of those of the dates or board moanngs to Pie Slock 

corresponding period last year, !j 3< !^ ^l ! 8a, .. Such >r9 


| He adds that the b; 
sheet remains strong with 


tKn h*ianro * 1 ® ld for ^ our **°*« of coiwidoring 
Tne oaiauc. dividend*. .Official indications ere not 
Ig Wien im- available as to whether the dlvidende 


portent cash .balances" and says are interims or finals and the sub- 
he believes tiie •stral’esies which divisions shown below are based 

have been developed ' by the on ,asr v T 8 ^ Y umBtat,fB - 
group -over the past years from a interims: Blue Circle indiremu. 
proper fornidattan for significant James tiicVio fDrop Forgmaa). wiHiem 
renewed growth. The chairman uberty Lie Asaoeietion of 


savs he is cnnfirieni that Thin p® 3 ' 1 Assurance, quaere Moat 

win s^"ryisr Esu,M - 

for the full year. 

Mr Beddow points out that 

since the end of the financial . _ ■ 

year the group has made two ruVTTl 

further divestments in line with SJL\I±i 

its policy of strategic changes de- 
signed to reflect positively in 
future group operations . r r . , , ", 

These were' Ariston Alloys, AJ Industrial .inti 

which toe chairman says had Trnst ■ mt? 

.been toe- subject of previous re. JJ!® " 

ports on its adverse trading posi- IS 


Finals: Associered Oalrisa. Sungsl 
Basi Mines Malaysia. 

FUTURE DATES 
Interims— 

British Vlu ; Sept 7 

Leylend Paint and WalliMDer .. Sept 9 

Minerals and' Resources Carp. Saw 21 

Moss Bros Sept 2 

Parambe Sapt 1 

Pearson (S.) Sept 6 

Robinson (Thomas) Aug 31 . 

Weir Group Sapt 8 j 

Finals — 

Coronation Syndicate Sapt 9 1 

Tweefontcin United Collieries Sapt 9 ] 


DIVIDENDS ANNOUNCED 

Dale Corre- Total 
Current of spending for 


payment payment 

AT Industrial int Nil — 

American Trust ...intf 1 Oct 8 

Apex 1.3 OctM 

Bairstow Eves fat . 0.22 Nov 26 

Ort 19 
Nov 16 
Jan 4 


tion. Its equity has been dis- PeL “SJ S' f 

PMed of .and the sow remains Co^.’ St II 

vnfh a secured oblieation repay- Fife ^ 1JS 


abte over a period of years. 


ness was that . of hiring collap- 
sible parking cases. Tt was on* 
nf the eroun’s- smaller units and 


GiUett Bros. fat .7 



Octl 

12. 



7 

Sept 20 

7 

— 

1.4 

Octl 

w 



470S 

Ort 25 

470 

300 

2J59 

Oct 23 

2.35 

3.6 

45 • 

Oct 29 

4 

_- 

1.5 

— * 

1.35 

2.85 


[{ was sold nn a basis m vnlvmj* Dividends shown pence per share net except where otherwise stated. 
. r ?rislip' T manaevmenf and staff. * Equivalent after allowing for scrip issue* t On capital 

The rhairman 'ays these moves- increased by rights and/or acquisition issues. tUSM Stock. 
; , conclude toe current pnaw nf g South African "re'nts throughout. !l increase to reduce disparity. 
I re-nrcanisRlinn vifhm'. the croup, - — 




Good Relations’ interim 
profits up by £90,000 


TAXABLE . -PROFITS of the 
Good Relations Group rose by 
£90.000 to £203,000 during its 


specialised areas of public rela- 
tions activity." 

He adds that * at this, stage, 


first half year aa a public quoted we remain confident that a con- 


company covering toe- period tn 
end June 19B2. Turnover 
advanced to ,£1.58m. a 41 per 
cent improvement over the 


tinned rate of progress wiH be 
achieved in our first full year 
as a public company --—the 
group obtained a quote for 


£1.1 2m achieved fa toe corre- 950,000 its lOp ordinary to ares 


sponding months a year- earlier. 

Mr Anthony Good, toe group’s 
chairman, says business has con- 
tinued to expand at “a very 
satisfactory rate across aK 


on toe Unlisted Securities Mar- 
ket in December 1981. 

Based on toe results the 
directors have declared a net 
interim dividend of 1.4p per 
share. 



Gillett Brothers Discount 
Company plc 


The directors of Gillett Brothers Discount Com*, 
pany PLC have declared as Interim dividend payable 
on 20th September. 1982. of 7% (1981 7%) on toe 
ordinary sbare capital of the company. With tax 
credit this is equivalent to a gross dividend of 19%. 

The company has traded profitably and there has 
been a substantial increase in resources since 31st 
January. 1982. 

The company is not a dose company under the 
Income and Corporation Taxes Act 1980. 



OIL AND ASSOCIATED 
INVESTMENT TRUST PLC. 

• Extracts from the Statement of 
The Chairman, Major A. S. W. 
Joseph, in respect of the vear 
ended.31 st March, 1982. 


Unless some concord is achieved between the OPEC 
countries, particularly the differences voiced by Iran 
and Nigeria, a continuation of a glut is probable, and 
we may have to wait longer for a recovery in the 
popularity of oil shares. We feel, however, some degree 
of agreement to be likely. 

A successful Oil and .Gas Industry is as essential to 
our country's future now as it has always been. It is to 
be hoped this will be understood by the authorities and, 
in particular, the Chancellor. 

Oil and gas production and distribution wiH have a 
great part to play in the world's economy once the 
recession is over. . 

Net asset value per share at SOtfa June, 1982r96p (19*1; lOfip} 


M. J. H. Nightingale & Co. Limited 


27/28 Low Lane London EC3R 8EB 


Telephone 0U21 1212 


1981-82 
High Low 


Cornoany 


128 120 Am. BnU lnd. Ord. ... 123 
138 100 Aas. Hrir. )nd. CULS.,.- 138 

75 62 Alraorong Group 70 

51 33 Armnage & Rhode*. ** 

232 187 Berdun H*ll .'. 232 

175 100 CCL Hoc Canv. f»ref.... 115 

266 240 Cindico Group 265 

104 60 Deborah Services 73 

138 97 -Frank Horseli 13* 

S3 39 Frederick Parker 71 

78 48 George Blair 53 

102 93 lnd. Precision Castings ■ 98 

717 1 00 Isis Conv. Pref \\j 

11* 9* Jackson Greup ......... 11* 

135 108 James Burrough 136 

334 )96 Robert Jenkins J98 

82 51 Scrutron* Va* - . 82 

222 ISO Torday ft Carlisle 160 

*4 21 (Jn'rioefc Holdings. ... 21 

103 73 Waiter Aimrandtr 84 

283 '212 W. S. Testes 248 


Grain n#id Fu»y 
pne* Cbangg div.fa) % Actual taxed 


• 6.* 6.0 11.6 U* 

10.0 7.2 _ _ 

6.1 -8 7 . 8.0 13.7 

6- 3 9.8 3.7 8.3 

11.4 4.9 ».7 12.3 

15 7 13.7 — _ 

26 * 10 O 10.7 12 0 

6.0 SJ2 5.1 7 4 

7- S 5.9 S.fl 6.0 

6-4 9-0 3fi 6.9 

7 3 7.4 7.1 107 

16.7 13.4 — — 

7S 6-6 35 7.3 

8.6 7.1 9.9 lift 

20.0 10,2 2.1 31,1 

5.7 7.0 10.6 1i8 


11.4 7,6 

0-48 2J 
6^ 7£ 

14.5 SS 


Fricee now avail* trie on Preste) page 481*8. 


6.7 11£ 

as 98 

6-5 13J0 


LADBROKE INDEX 

S6M74 (-5) 


THE THING HALL 
USM INDEX 

1W-3 1+0.7) 


Tel: Bl-638 1591 
BASE DATE m 


■■"“7 


-Financial Times Wednesday- August 25 19S2 


I EUROPEAN OPTIONS EXCHANGE j 

I 



u- • • 

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Feb r 



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— • 

— 


« 1 

I TOTAL VOLUME IN 

CONTRACTS 7,816- 





1 

| ^ 

Asked 

B- Sid ' 

C= 

Call 


= Put 


1 


Cowl, nd «,*„ UK COMPANY NEWS 


BIDS AND DEALS 


Allied Residential 
loss-makers to go 


BY CHARLES BATCHELOR 

Allied Residential, the house- 
building group whose 19S1 profits 
Fell far short of Its stock market 
placement forecast, is to close or 
sell off a number of loss-making 
activities. 

It will dispose of net assets 
worth £l.lm at the end of 
December compared with total 
group assets of £2.S5m at the time 
of (he placement. These assets 
made a net loss of £10,000 in the 
nine months ended December. 

This will allow It to concen- 
trate its resources in the north 
of England and stem the cash 
Sow drain from its southern 
interests which has resulted from 
the unforeseen continuation of 
the recession, it said yesterday- 

AUied. which combined the 
housebuilding activities of Allied 
Plant Gtoup and Thames Invest- 
ment and Securities, was brought 
to the Stock Exchange by Tnng 
Hall Securities in May 1981. 

It reported attributable profits 
of only £17S.000 iff the nine 
months ended December com- 
pared with its placing forecast 
of at least £lm for the year ended 
March. In February it announced 
its decision to change its year- 
end. 

Allied has agreed the terms for 
the disposal of the property and 
building finance interests 
brought into the oew company 
by Thames Investment, exclud- 
ing Buckingham Court, a Loudon 


J.C.Bamford expects 
sharp profit upturn 


property disposed of earlier this 
year. 

Allied said. It had decided to 
concentrate on its northern 
housebuilding interests and 
close its London office. It has 
agreed to terminate the service 
agreement of a director, Mr 
Stuart Crossley and to make 

compensation payment to him of 
£25,000. 

It will' also sell Ermine Securi- 
ties, which provides joint venture 

finance to small housebuilders, 
for £183.711 -in cash to Ford 
anchor, a new company acquired 
by Mr Crossley for the purpose 
of this transaction. 

Allied has also formed a new 
group of companies consisting of 
North Staffordshire Estates. 
Absila and Mistfree to be sold to 
Fordanchor for £100. 

The sum of £1.05ra owed hy 
these companies to Allied will 
remain due to Allied. Mr Crossley 
has agreed to effect an orderly 
management and disposal of 
some properties belonging to 
these companies and Ermine, and 
to account to Allied for an 
amount equal to the net sale 
proceeds. 

Mr Crossley will retain a 
management deduction. If pror 
ceeds are more than £L05m 
Allied will be entitled to the 
excess but if they are less it will 
forego the balance of the £L05m 
unpaid. Mr Crossley's life will be 
insured for five years for £lra. 


SHARE STAKES 


BASE LENDING RATES 


ABN. Bank 11 %* 

Allied Irish Bank 11 % 

Amro Bank 11 % 

Henry Ansbacher 13 % 

Arbuthnot Latham ... 11 % 
Associates Cap. Corp. 12 % 

Banco de Bilbao 11 % 

BCCI 11 % 

Bank Hapoaiim BM ... 11 % 

Bank of Ireland 11 % 

Bank Leumi (UK1 pic 11 % 

Bank of Cyprus 11 % 

Bank- Street Sec.. Ltd. 12 .% 

Bank oPN.S.W. ll % ' 

Ban quo Beige Ltd. ... 11 % 
Banque du Rhone ... 11*% 

Barclays Bank 11' % 

Beneficial Trust Ltd. ... 12 % 
Bremar Holdings Ltd.' 12 % 
Bril. Bank of Mid. East 11 % 

■ Brown Shipley ’ll % 

Canada Perra’t Trust .. 11*% 
Castic Court Trt*>t Ltd. 11} %■ 
Cavendish G’ty T’st Ltd. 12 % 

Cayzer Lid. 11 % 

Cedar Holdings 21 % 

I Charterhouse Japhet... 11 % 

Chnuiarlons 12 % 

Citibank Savings II % 

Clydesdale Bank 11 % 

C. E. Coates 12 % - 

Comm. Bk. of N. East 11 % 

Consolidated Credits... 11}% 

Co-operative Bank *13 %. 

Corinthian Secs. 11 % 

The- Cyprus Popular -11 ■% 

. Duncan Lawrie IT % 
Eafiil-Trosr IT ■% 

E.T. Trust 11 % 

Exeter Trust Ltd 12 % 

First Nat. Fig. Corp.... 14}% 
First Nat. Secs. Ltd.... 1* % 


Robert Fraser ....; 12}% 

Grindlays Bank til % 

* Guinness Mahon 11 % 

■ Hambros Bank 11 % 

Hargrave Secs. Ltd.. ... 11 % 

Heritable & Gen. Trust 11 % 

■ Hill Samuel #11 % 

' C. Hoare & Co % 

' Hongkong & Shanghai II % 
Kingsnorth Trust Ltd. 12 % 
Knowsley & Co. Ltd. ... 11}% 
Lloyds Bank 11 % 

- MalliuhaU Limited ... 11 

“ Edward Mao son & Co. 12 

■ Midland Bank -. 11 

■ Samuel Montagu 11 

■ Morgan Grenfell : 11 % 

National Westminster 11 % 
Norwich General Trust 11 % 

. P. S. Refson & Co 11 % 

Koxburghe Guarantee... 11}% 

Slavenburg’s Bank 11 % 

Standard Chartered % 

Trade Dev. Bank 11 % 

' Trustee Savings Bank 11 % 

TCB 11 % 

United Bank of Kuwait 11 % 
Volkskas Inti. Ltd. ... 11 % 

. Whites way Laid Jaw ... 11}% 
Williams & Glyn’s ... 11 % 
Win trust Secs. Ltd. .... 11 % 
Yorkshire Bank 11 % 

■ Members of the Accepting House* 
Committee. 

* 7-day deposits 8%. 1 month 

8.25*4. Short-term £6.000/12 months 

•io.6%. ■ 

fr 7-day deposits on muma of: under 

£10.000 8%, €10.000 up to £50,000 
BVA. £50,000 end ovar 9L%. 

* Call deposits £1.000 and over 8%. 

i; 21 -day deposits over £1.000 9%. 

$ Demand deposits 8%. 

% Mortgage base rate. 


Electrocomponents — ■ Clerical, 
Medical and General Life Assur- 
ance Society is interested in 
524m ordinary (5.17ra ordinary 
previously). 

Higsons Brewery — Dennis 
Bremner Corlett. a director, has 
sold £250 6} per cent loan stock 
2000-05 and 50.300 ordinary stock 
units registered in the name nf 
the Westminster (Liverpool) 
Trust Co. He has also trans- 
ferred 3.000 ordinary stock units. 
Gerald Lingham Corlett, a direc- 
tor. has sold 50.300 ordinary 
stock units registered in the 
name of the Westminster (Liver- 
pool) Trust Co., and transferred 
3,000 ordinary stock units. 

Gamar Booth— John Sebastian 
Macaulay Booth, a director, has 
disposed of 35 .000 ord ina ry 
shares reducing bolding to 23,064 
(less thaD 0.1 per cent). As 
trustee he has disposed of 35.000 
ordinary rethtci ng holding to 
58.064 (less than 0.1 per cent). 


Corah — G. N. Corah, executive 
chairman, has notified that bis 
wife. Mrs P. A. G. Corah, has 
sold 30.000 ordinary shares. 

Lrp Group — The Merchant 
Navy Officers Pension Fund, 
following a recent purchase, is 
now the beneficial owner of 

586.500 ordinary (8.36 per cent). 
Carr’s Milling Industries — Hey- 

gare and Sons has purchased 

106.000 ordinary shares. The 
companv and its associates hold 

1.138.500 shares (22.77 per cent). 
Baggerige Brick: The Right 

Hon The Earl of Dudley has sold 

25.000 ordinary shares reducing 
his holding to 5S.OSO shares. His 
□on beneficial holding is 533,332 
shares. 

Nottingham Brick: W. David 
Crane has disposed of 34,000 
shares held non beneficially and 

6.000 from wife's beneficial hold- 
ing reducing holding to 121.269 
shares (5.13 per cent— 37.136 
shares held beneficially and 
84,133 non beneficially). 


J. C. Bamford, the private. 
Staffordshire-based earthmoving 
equipment company, is aiming 
for a substantia] improvement in 
profits this year despite de- 
spite depressed market condi- 
tions. 

Profit, before tax, in 19B1 was 
£3. 3m, well below the record 
£15.6m in 1978, but an improve- 
ment on the 10.3m in 2880. 
Turnover last year was £108m. 

Mr John Ellis, corporate mar- 
keting director, said unit sales 
this year of the group’s excava- 
tor loaders, forward reach lift 
trucks and other equipment 
would probably be static at about 
6,000. Turnover could rise about 

10 per cent, 

JCB is a market leader in 
excavator loaders, with an esti- 


mated 23 per cent share of world 
markets, excluding the U.S., and 
a 60 per cent share of the UK 
market About 44 per cent or the 
group's sales are made jo the 
UK and Ireland. 

JCB's second most Important 
market is France. Mr Ellis said 
it was the only market that had 
been fairly strong so far this 

year, bur he expected it to 
deteriorate in the fourth quarter. 

As a result of a strike at Ley- 
land Vehicles in February. JCB 
transferred most of its engine 
orders to Perkins Engines in 
March. Mr Ellis said the change- 
over had gone smoothly and that 
dealers and customers were 
highly satisfied with the Perkins 
engines and service. 


Gerrard & 
National N.Y. 
office closure 

Gerrard and National is to 
close its New York office on 
September 3.' Trading in Euro- 
dollar Certificates of Deposit aDd 
other instruments will continue 
as previously from the London 
office. 

The New York office- was 
opened in June 1981 as &□ infor- 
mation centre and to facilitate 
trading in Euro CDs when 
Londoq was closed. Since then 
Gerrard and National has formed 
working association with 
Briggs. Schaedle and Co. of New 
York, s primary dealer- in the 
U.S. fixed interest securities 
market w»ich has taken a small 
equity interest in the company. 
In these circumstances it was 
decided that the retention of the 
New York office was unnecessary. 


SHARE stakes 

Arlen Electric: Malcolm Mul- 
kin. a director, has acquired 
25.000 ordinary* shares from a D. 
Levy'. 

Multttone Electronics: Finance 
for Industry' are beneficial owners 
of 1.73m ordinary shares. 

London and Garlmore Invest- 
ment Trust: Hampshire County 
Council Superannuation Fund 
owns 880.000 ordinary (20.71 per 
cent). 

Berry Trust: Sun Life Assur- 
ance Society has increased hold- 
ing to 792,000 shares (5.03 per 
cent). 

G. R. Holdings: The Border 
and Southern Stockholders Trust 
holds 387.000 ordinary shares 
1 9.36 per cent). 


American Trust 
ahead midway 
to £1.88m 

Pre-tax revenue of American 
Trusl rose from £1.78m to fl.BSro 
in the six months to July 31 
1982. and the net interim divi- 
dend is being raised from 0.7p 
to Ip per 25p share. 

However, the increase was 
made to reduce the disparity 
between interim and final pay- 
ments and should- not be takgn 
as an indication of dividend 
policy for the year as a whole, 
the iruM warns. Last year a 
final of 1.55p was paid from 
taxable revenue nf £3.32m. 

First half earnings per share 
are staled at an urn-hanged 1.27p. 
and net asset value 'per share is 
put at 79.5p (93.1pi. 

The lax charge was £808.000 
(£719.000), maintaining attri- 
butable revenue at £1.06m. 

KDG 

INSTRUMENTS 

KDG Instruments has acquired 
from the Receiver and manager 
of Bestel Dean plant, machinery 
and stocks of that company winch 
will allow KDG la produce and 
market certain of the range uf 
Bestel Dean's products. 

LE VALLONET 

The listing of Le Vallonet Co 
has been cancelled, over 86 per 
cent or the company having 
been acquired by Atlantis 
Resources International. 

Applications may be sub- 
mitted to • transact specific 
bargains under the provisions 
of Rule 16.3 (2). 


LONDON TRADED OPTIONS 

August 24 Total Contract! 1,994 Calls 1.168 Puts 489 
Oat. Jan. Apnf 


Option 

Ex’rclae Closing 
price oiler 

Vol. 

Closing 

otter 

Vol. 

Closing 

otter 

vol. 

Eauity 

dose 

BP lOr 

280 

11 

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Gr'd Met. <cr 

260 

20 

0 

26 

1 

30 


6t 

Gr’d Mat. ’ci 

280 

11 

5 

17 

55 

21 

_ 

wo 

Gr’d MeL ip> 

200 

1‘1 

_ 

*9 

6 


— 


Gr’d Met. ip- 

240 

Sh 


41* 

4 

7 

— 

1 p 

Gr'd Met. ipi 

260 

S'i, 

29 

12 



15 




Gr’d Met. ipr 

280 

17 

3 

19 

to 

22 

— 


ICI fo) 

280 

IB 

5 

28 



34 

— 

288p 

ICI ’Ci , 

500 

7 

15 

16 

7 

22 : 

— 

H 

ICI ie> 

330 

2*1 

23 

7 ; 

_ 

14 

2 


ICI ipr 

880 

9 

12 

14 

1 

21 



op 

fC( ip; 

530 

44 

10 

48 

— 

50 

— 


ICI IP) 

360 

74 

3 

_ • 


_ 

— 

H 

Land Sec. ici 

280 

20 . 

2 

29 

_ 

37 



28flp 

Land Sec. ie> 

500 

ID 

16 

15 

5 

22 

— 

’ 

Land Sec. ip’ 

280 

11 

13 

13 


16 . 

— 


Mfca ArSp.’O 

140 

37 

3 

40 

— 



_ 

174 0 

Mks & Sp. ic ■ 

160 

17 

10 

24 

— 

27 

1 

Mhs A Sp. ici 

180 

Bln 

5 

10 . 

95 

17 

— 


MKs A Sp. ip' 

180 

13 "' 

14 

15 ' 

10 

16 

— 


Shell ici 

360 

42 

1 

52 i 


60 


50Gp 

Shell ici 

390 

17 

5 

26 

— 

34 



Shell <ci 

420 

S 

9 

16 


24 

— 


Shell ipi 

360 

7 1 

November 

8 1 

February 

13 

May 


Barclays :ei ' 

360 1 

22 

5 

35 ’ 

6 

47 

— . 

36Bp 

Barclays <ci 

383 

13 

2 

— 

— 

— 

— 


Barclays (c.‘ , 

390 

10 

15 

20 

— 

28 . 



Barclays ipi 

360 

15 

17 

18 

2 

30 



Barclays ip> 

390 

30 

5 

55 

— 

45 

— 


Imperial ic) 

90 

9 

2 

illn 


14 

20 


Imperial <c> 

100 

31* 

11 

61- 

10 

81- 

— 

M 

Imperial >0 

100 

8 

2 

10 

10 

12 

— 


Imperial >pi 

110 

171* 

60 

18 

2 

— 

— . 


Lumo ici 

300 

47 

2 

65 

-- , 

78 

— 

53Qp 

Las mo <c< 

330 

30 

14 

45 

— ' 

60 

l 


Lasmo ici 

360 

14 

5 - 

30 

— . 

40 

— . 

__ 

Las mo ip 

300 

9 

9 ' 

16 

— 

25 



Lasmo <pi 1 

330 

22 

5 

32 

— 

40 

1 

m 

Lon r ho ici 

70 

23 

42 

25 

7 

— 


BBp 

Lonrhe ici 

80 

15 

16 

18 

— 

19 

— 

* 

Lonrho <pi 

90 . 

7!* 

55 

10 

8 

13 

16 


P 4 0 -ci 

140 

20 

5 

25 

— 

29 


155p 

P&O <ci 

160 

6 

33 

11 

3 

IS 

— 

00 

P*0 ip- 

160 

14 

10 

17 

10 - 

21 ’ 

— 


ftacai ici 

390 

250 

— 

260 

2 


— 

5250 

Racal <c> 

460 

80 

— . 

90 

2 

110 

— 

M 

Racal ici 

500 

47 

48 ’ 

65 

— 

82 

■H 

M 

Racal 'C 

550 

19 

60 

32 

3 

40 

— 

00 

Racal ipi 

500 

14 

25 

22 

— 

35 


rt 

RTZ ic. 

390 

57 

10 

67 

— 

80 

1 

437p 

RTZ 'ci 

420 

37 

2 

50 

— 

57 

— 

RTZ ic. 

460 

24 

21 

25 

— 

32 

— 

99 ' 

RTZ ipi 

360 ■ 

3 

20 

5 

— 

— 


00 

RTZ ipi 

420 

22 

7 

27 

. — 

37 

— S 

961 

Vftjl Rfs. id 

40 

22 in 

— 

2 5 i t 

1 

— 

— i 

Vaal RTs. <ci 

45 

18ii 


191*' 

10 

— 

— » 

Vaai RIs. >ci 

50 

14 1» 

18 

16 

42 

17 

— 


Vaal RIs. icp 

55 

10 

16 

12 

3 

131- 

2 

00 

Vaal RIs. ic> 

60 

61* 

70 

81* 

—. 

91* 

IQ 

99 

Vaal Rfs. ap> 

45 

V 

- 

5 

8 


' — ■ 

§9 

Vaal RIs. 'pi 

50 

H* 

5 

3>1 

— 

4 

l 

09 

Vaal Rla. ipi 

55 

3 

25 

6 

— 

6*r 

— 

99 

Vaal RIs. ipi . 

60 

4 

15 . 

B , 

2 

81, 

— . 



C-Call 


P=Put 


RESULTS AND ACCOUNTS IN BRIEF 


Wl NTS? BOTTOM ENERGY— A s a a I 
value on August -13. 1982. was 43 8p 
after deduction of prior charges ac par 
and 46 .4p liter deduction of prior 
Charges at marker value. 

G. F. LOVELL AND CO. (confec- 
tionary manulacturerl — Results lor six 
months to May 1, 1982: no ordinary ot 
preference dividend; pre-las loss 
£32.000 (profit £15.000). no Ux (£8.000); 
loss pe> share 3 389p (earmnns 0 671pi. 
Directors store that figures exclude 
Rascal Confectionery. They say That 
overheads are being reduced by Inte- 
gration of the Lovell end Johnson 
manufacturing unit as stated on JuW 9. 
Future results will benefit I ram lhts 
action. Current cost pre-tax losses 

cat. 000 . 

F. COPS ON (supplier ol heating 
equipment and builders' materials) — 
Resides for year to April 30 1382; 
external turnover, excluding VAT. 
£6.5lm (CS.69m); pre-tax proht £200080 
(£191,818); rax £59,750 (£51,706): 

minority £4.383 (£2.194): available 

profit £135.947 (CI37.918). Earnings per 
5p share 3.78p (3.83p): dividend i.5p 
( 1.4p) net. costing £31.458 |£29.4O0) 
after waivers .ol C22.542 (£21.000). 

HAMPSON INDUSTRIES (engineer- 
ing. industrial cleaning) — Results for 
year ended March 31 1982 reported 
July 23. Group fixed asters £2.22m 
(£ 3 25m); run current assets D Irn 
(Cl 04m) - shareholders' lunds £3 14m 
(£3. 05m) Chairman hopes to raporr 
slightly better figures (or the currenr 
year as a whole. Mcclmg. Birmingham. 
September 17, at noon 

COCKSEDGE (HOLDINGS) fsiruc 
tural and mechanical engineering) — i 


CORFO 

ON « fOMBUO DC LA MMCOOM 

International 
Public Tender 

Shares of 
Banco Continental 

{COtiTBfENTM. BANK) 

Hie Corporation de Pomento de la Production, CORFO 

(Chite’s Production Development Corporation) kindly requests 
investors to submit offers for the purchase of 27,523,954 
shares of BANCO CONTINENTAL which represents 55,05% 
of the share capital of the Bank. 

Rules and Background data covering this tenderare available 
^investors, at Moneda 921, suite N° 822, Santiago, Chile, 
Subject to payment of a$5, 000 Chilean Pesos fee. 
ftmosals should be forwarded in a sealed envelope, in 
Se to: ' presidents Ejecufvo, CORFO, Moneda 
825/ Santiago, Chile, no later than 10.00 AM, 
feoiemter ZMM2or to Executive Vice President, CORFO, 
■■SSSSS Ttodeoarter, Suite 5151, N.Y. 10048, New Yorit, 

li ft A. 

AS proposals wiH be opened before interested parties by 
Corpo’S Secretary General who wiH administer this activity. 
CORFO reserves the right to accept the offer which, in their 
Judgement, it deems to be- in their best interest^ to reject ail 
offers without offering explanations. - 

minister executive vice president 

CORFO SANTIAGO, CHILE 


Results for year ended March 31 1982 
reported July 6 Fi>cd assets Cl .9m 
iC2<J3mj. Net Current liabilities 
£209.697 (Cl 28.843 assets). Bank over 
OralT £587.705 (E405.a«i). Shareholders' 
funds fl 69m (£2. 16m). Meeting, 

Ipswich. September 10. noon. 

LINFOOD HOLDINGS (retailing and 
Cash 3i»d carry ) — Results t or year ip 
A pnl 24 1982 recoiled July 27. Share- 
holders* funds £61 64m (C58 55mi: 12 
per cent convertible loan slock £9 72m 
(ClO.PSm): loans £0 34m (C4 38rr.l. net 
current liabilities £5!3m (£674.000) 

including b.mt balances and cash 
£6 16m (Cl Kim) and bank overdrafts 
£2 ISm (£9 i6m): loan nore* E7m (nil). 
Meanng- Sepiember 15 

EWART NEW NORTHERN (properly) 
—Final dividend 3o (same) making 4p 
(same) lor year ended April 30 1982. 
Profit attributable £27.633 (£25 5831 
aner all ehsiges including »* £11.172 
f £10. 787). Earnings par share 4.36p 
(3.94P). 

CROWN HOUSE aleciricel and 
mechanical engineer, contractor, maker 
ol table glassware)— Results lor year 
to March 31 1982 reported on July 20. 
Shareholders' iund* £19 15m (€19 03m); 
fixed assets £l2.5m (£9.36mi. invest 
merits CT50 (£915.390); current .resets 
£52. 4m (£46.74ml including deblur* 
£36 54m (£31 1m). net omenl assets 
£12.05m (£13 25m) Smcv yf^r-guii, 

Denbyw.irv P'uup liis sold it- 50 pel 
cent inarm in Inieriihiional Ceramics- 
Tnr £2m cash On June 2 the Whole 
ol :he issued share cupilal ul Zone 
Conddianin-j Eq.npmeni w.is sCMmivd 
lor £115 200 in CjsIi and prior lu that. 
on Moy 13 me whole of the issued 
share capital of Intumaiiunal Secre- 
taries was asuuiiad lor £175.000 in 
cash MgeCinq- Connjuqhf Rooms WC. 
Suprembar 15 11 ota. 

HOWDEN GROUP (engineer and 
speciol'9: in design and mpnulacrure 
ol air. and fluid handling epuip- 

mem) — ResulU loi me year to April 30 
1382 and propped* reported July 16 
Shareholders' funds C33.J9m (£28.8m); 
fixed assets £28 69m (£27 9m): net 

current assets £24. 9m (£20 11m). Meet- 
ing: Glasgow. September 16 at noon 
GRAIG SHIPPING— Results lor year 
to March 31 1982. repuiied July 15. 
Tjv £857.378 (credit £273. 249 ) ; share 
holders' funds £11 97m (£8 73m): fixed 
assets £4 2flm (£7 7m); net current 
assets £7. 64 m {£974.525). Meeting 
Carditt. September 10. at noon 
CALCUTTA ELECTRIC SUPPLY COR- 
PORATION (INDIA ) — Results lor year 
to March 31. 1982' Net line! dividend 
9 per cent (samel less Indian income 
i at. making 15 per cent (same) for 
year: gross income Rs1.62m |Rs1.28m); 
0re-r.li profit Rs38m (RsB5mj: tax nrl 
iRSZlml. statutory apprppneuons 
Rs2lm (Rs24m). 

G T. ASIA (STERLING) FUND — 
Results lor period from October 1 1981 
to Juno 30 1982: net income £277,537, 
net asseu £i5.57m - redemption price 
of participating redeemable preference 
£26.95. 

RADIANT METAL FINISHING [electro 
plsnng. metal finishing, home furnish- 
ings retailer)— Results for yew ending 
February 28 IS82 already known. Share- 
holders' lund-s £842,526 | £784,579); 

lived assets £<*67.830 (£288 3)): invest- 
ments £120.366 (£112 346^, current 

assets £706.025 (£668,493) including 
dcbiors and pre-payments £126.179 
(£86.958) net current assets £514.345 
(£437.645). Meeting: 69. Fjirtield Road. 
Sow. £. September 10. ar 10.30 am 
REARDON SMITH LINE (bull Carrier 
end tun) el .'leet operator!.— Results lor 
vcjf 10 March 31 1982 reported August 
17. Shareholders lunds C12.72m 
<£ll. 79m). shipbuilding and other loans 
£72.J2m (£ 10.7m); fixed esters £23 25m 
(£22.32m): net current assets E2.39m 
(£977,678): increase in net liquid funds 
£572.312 (£7. Sim). Meeting: Cardiff. 
September 13, at 3 pm. 

STEINBERG GROUP (iadtes‘ clothing 
and handbags). — Result? ipr year to. 
March 27. 1982 reported on July 30. 
Shareholders' lunds £5. 69m (£5.6m); 
ji>*d assets £2. 72m i£2 56m); invest- 
ments £12.372 (07.725): current aseets 
C7.6m |£9-4m) including debtors 

£2 92m (C3.25m): net curent essets 
£2 08m (£).92m). An es-gratia payment 
ot £25 000 is to be made to Mr Philip 
SianDury. formerly the company's 
depuyt chairmen. The company has 
made major improvements on which 
ir nepes fn build in me cominq year, 
bm the chairman &b,i that with the 
problems of the worldwide recession. 

would be unwrso to make a profit 
forecast ar rh.j rime. Noras ro accounts 
also show a £51.822 compensation pay- 
ment for lo»i c>f oHiee. Meeting. 
Mtiion Keynes. September 16, 11 am. J 


TheHongkong and Shanghai 
Banking Corporation 


Incorporated in Hong Kong with limited liability 


Announcement 


1982 Interim Results 

The Directors announce that the unaudited profit ofThe Hongkong Bank Group for the six months ended 30 June 1992 
was J-LK.S8 1 5 million (1981 : HK5690 million), an increase of 1 8. 1 %. The profit was arrived at after providing for taxation 
and afiermaking transfers toinDCf reserves, out of which provision for changes in the value of assets has been made. 

The Directors have declared an interim dividend of HKS0.18 per share (1981 : HKS0.1 adjusted), an increase of just ■ 
over 16%. The dividend will be payable on 8 October 1982 to shareholders whose names are on the Register of 
Shareholders on 24 September 1982 and will amount to HKS374 million. (1981 : HKS310 million). 

The following is an unaudited profit and loss statement for die ax-month period under review. 


Six months to 30 June 2981 


6 months to 39 June 1992 


HKSm 

£m 

Net profit ofThe Hongkong and Shanghai 

HKSm 

fin 

891 

82 

Banking Corporation and its subsidiaries 

Profit attributable to outside shareholders 

1,031 

200 

(201) . 

- (18) 

of subsidiaries 

Profit attributable to the shareholders ofThe 

(216) 

- OD 

690 

64 • 

Hongkong and Shanghai Banking Corporation 

815 

T9 

354 

' 14 

Balance brought forward 

621 

60 

844 

78 


1,436 

139 

(38) 

. (3) 

Transfers to reserves by subsidiaries 

(38) 


(310) 

- (29) 

Interim dividend . 

(374) 

(36) 

496 

46 

Balance carried forward 

1,024 

99 




1 n 


HKJ0.35 

£0.03 . 

Earning per share (adjusted) 

HKS0J9 

£004 


The following Consolidated Balance Sheet details are also given for the information of shareholders: 
31 December 1981 (audited) 


HKSm 

304,206 

14,060 


&n 

28,032 

1,296 


Gross Assets 
Shareholders* Funds 


30 June 1982 (nnamBfed) 
HKSm £m 

329,221 , 31,941 

14,561 1,413 


prospects for the rest of 19&Z 

High interest rates and tight monetary policies have continued to inhibit economic growth in the major industrialised 
nations. This has led to increasing problems for the less developed countries not the least of which has been a growing 
move towards protectionism in some of their main markets. The recent trend for lower rates of inflation and redactions in 
interest rates is encou raging but it will be some time before these factors lead to an economic recovery. The banking 
industry generally is faced with many difficulties, and conditions in the second half year will not be easy. Nevertheless the 
Di rectors consider that profitability will continue at a satisfactory level and are confident of being able to recommend a 
filial dividend of not less than HK.SKU7 per share. 

CksiBg of Register of Shareholders 

The Register of Shareholders of the Bank will be dosed from 13 September until 24 September 1982 (both dates 
inclusive). In order to qualify for the interim dividend, all transfers, accompanied by the relevant share certificates, most * 
be lodged with the Registrars not later than 4.00 p.m. on 10 September 1982. 

By Order of the Board 
IF R Frame 

Secretary Hong Kong, 24 August 1982 


f 

/ 


S 


i 




Companies j nd Markets MINING NEWS 


.Emaricial .Thrie& Wednesday Augifet '25.1^2'.^ 


UK COMPANY NEWS 


I E 

PRT 
min 
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a “c 

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: Tht 




De Beers halves interim p p*® p^L, 

§1 ■ hardline Resources 

(j 0 Il U T^O | ^ ^ costs have resulted in Australia's ! claims U.S. 

r * , * ,v **'*’ , EZ Industries suffering a trading m 

loss of AS12.9m (£7.25ni) in the j| ^wilrp 

NG HJiTCR ... , . . ... . . second half of its year to June JJII 311 III V- 

S0 - Global Natural Resources, the 

ProspB. and reiwreh 25.S Z7.1 for diamonds are shown in a fall But thanks to investment in- oil and gas group which is figM* 

Serai! tt's 134 of R92 - 9m t0 RI0S5m on the come and the company's 30.85 i ng off an attempt by dissident 

Si Hi diamond account • per cent stake in earnings of shareholders to unseat the board, 

s * a t f* s "a h Bro" "oi" profit Overall the diamond market the uranium-producing Energy yesterday announced an apparent 

under minmg leases — 5.* D i C H, r e is not much changed Resources of Australia, EZ oil discovery in Montana. 

KdfhoideT* *JJ *ni from earlier this year. A good de- comes out .<JJ Earlier this month Global 

Preference dividends o‘s 0.9 mand continues for the smaller tb f ll y J2« D i,^®' 1 ?S a .ci mpa revealed that McFariane Oil. a 

Attributable to d«id. and cheaper gems but no inr- with A$12.73m id lsJSO-W. U.S. exploration and develop- 

s-l-S - - SasSP * K SSasrSS 

Sponja '”^: 14.0 - Consequently the group’s Cen- farife^o/^ McMa^^Tind^^e^:’ 

tened ?' ..*^!" i£f ,2;? rra? Seiliog Organisation is still 0 f s cents. The total for Die proposed acquisition is 

Eaminga per dsfd. having w stockpile the better previous year was 13 cents. subject to an appeal before the 

than bei-ora extra- nna ■ cent* quality diamonds. It expects the Meanwhile, EZ has openly High Court in London by the 

D.V 1 wWK..':" ?^t Pile m^;. y if «»<* int0 ‘» uestion future dissident faction attempting to 

interim 12.6 25 c ftlrther SSOOm it of lining operations on block the deaL 

It should be noted, however. '™ m) at Tasmania's west coast, reports Jq an appeal to share holders 

that the latest results include an the end of last year. Lachlan Drummond from byd- for ^eir support released last 

increase of almost RIOOm in the Financing such a huge stock- ney. Having temporarily laid off wept £| 0 bal sa jjj policy was 
share of retained profits of asso- pile is a major task. At June 30 workers. EZ says that “in the tQ coocen trate on exploration . 

dated companies. short and medium term borrow- longer term the company can- act j v j t y ao< j the reserve of | 

This reflects the merger in ings were R531ra and other net not continue with any operation acquisitions in the U.S. 

January of De Beers Industrial current assets amounted to which does_ not contribute to The com pany announced ves- 
Corporation with Anglo Azneri- R32ltn with long term borrow- profitability.” terday that its subsidiary Natural 

can Industrial Corporation which ings at Tt59ra. Noting that the mining and Resources Corporation had 

then became 25 per cent-owned De Beers comments that such refining activities were un- participated in an apparent Red 
by De Beers. borrowings are low in relation to economic in the second half of River discovery in Montana. On 

The group’s share of the re- the overall assets of the group the financial year after a bare the Donald C. Slawson 

tained profits of its. subsidiaries . valued at some R2.4bn. Import- profit in the opening six months Christiansen 12-1 well the Red 
is now grouped with investment aiitly, it is added that ‘bank fad- EZ said that industrial disputes .River D zone, between 11.4/-- 


BY KENNETH MARSTON, MINING EDITOR 


AJTER HAVING set The share* 
market reefing in February with 
the shock news of a cut from 75 
cents to 50 cents in the final 
dividend for 1981, De Beers has 
followed up with a halving of 
this year’s Interim payment to 
12.5 cents (6.2p). 

. Following the news the shares 
of the . South African diamond 
giant dropped from 258p to 227p. 
Later, however, they rallied in 
very active .trading to close at 
242p; showing a net loss on the 
day of 16p. . 

But net attributable profits for 
the latest half year before de- 
ducting extraordinary losses of 
associated companies come out 
little changed at R253.1ra 
(£126.Smj, equal to 70.3 cents 
per share, compared with R254m 
iu the same period of 1981 when 
the year's total was R628.3m. 


Prospg. eft*) reieerch 

25.6 

Z7-1 

General c ha eg as ...... 

7.0 

9.5 

Interest payable 

48.6 

13.4 

Tax 

State's share of profit 

37.8 

■ 75.7 

under mining lea tea 

— 

5.4 

Profit after tax 

257.6 

265, ff 

Outside holders 

3.6 

10-7 

Preference dividends 

Annbutabia to d«fd. 
holders after extra- 

0.9 

0.9 

Ordinary items 

Share of avtraord. 
lesser of assoed. 

253.1 

254.0 

companies 

14.0 

— 

Give, on de(d. shares 

45.0 

89.9 

Retained 

Earrings per defd. 

194.1 

164.1 

share before axtra- 

cente ■ 

cents 

ordinary items .- 
Div. per deld. share: 

70.3. 

Taa 

Interim 

12.6 

Sc 


interim ez takes 

hard line 

QT1TC 1 • • - LOW METAL prices and rising 

d 1 costs have resulted in Australia's 

, EZ industries suffering a trading 
loss of AS12.9m. (£7.25m> in the 
. second half of its year to June 
30. 

for diamonds are shown in a fall But thanks to investment ln- 
of R 92.9m to R10S.5m on the corEe an d the company's 30.85 
diamond account • p* r stake in earnings of 

Overall the diamond market the uranium-producing Energy 
picture is not much changed Resources of Australia. EZ 
from earlier this year. A good de- comes out wiUi net income for 
mand continues for the smaller the year of AS9.l2m compare 
and cheaper gems but no im- with A$12./3m id 19S0-M. 



Half-year Half-year 


ended 

ended 


30.6.32 

30.6.81 


Rm 

Rm 

Diamond account ... 

108.5 

201.4 

Investment income... 

91.3 

104.5 

Other interest 

23.2 

36.0 

Assocd. companies . 
Surplus on realian. 

152.3 

53.2 

of Invests 

Realisation of fixed 

— 

O.S 

assets 

1.2 



Making 

376.5 

396.7 


provement is yet seen in the 
more important market for the 
better quality stones. 


The company is taking a 
cautious line by omitting a final 
dividend following the payment 


It should be noted, however, 
that the latest results include an 
Increase of almost RIOOm in the 


~ Consequently the group's Cen- earlier of an unchanged interim 
, i tra? Selling Organisation is still of 3 cents. The total for ihe 
having to- stockpile the better previous year was 13 cents. 

;ia quality diamonds It expects the Meanwhile. EZ has openly 
La stockpile to- rise this year by a caUed intn question ihe future 
5c ****!«■ •'5300m (£172m); it 0 f -its mining operations on 

!r amounted to R1.4bn f£700m) at Tasmania’s west coast, reports 
iq the end of last year. Lachlan Drummond from Syd- 

ie Financing such a huge stock- ney. Having temporarily laid off 


share of retained profits of asso- pile is a major task. At June 30 workers. EZ says that in the 

dated companies. short and medium term borrow- longer term the company can- 

This reflects the merger in ings were 71531 m and other net not continue wilii any operation 

Januarv of De Beers Industrial current assets amounted to which does not contribute to 


amounted 


Corporation with Anglo Azneri- R32ltn with long term borrow- profitability.' 


can Industrial Corporation which togs at R59ra. 


J? 1 ? then became 25 per cent-owned De Beers comments that such 
04' 5 by De Beers. borrowings are low in relation to 

36io The group's share of the re- the overall assets of the group 
53.2 tained profits of its. subsidiaries . valued at some R2.4bn. Import- 


income. lities are sufficient fo 

_ On the other hand, the effects group's foreseeable needs. 


396.7 of the depression in the market 


See Lex 


6 Johnnies’ does quite weD 


BEARING - rN mind that the 
major income sources of Johan- 
nesburg Consolidated Investment 
[“Johnnies "V include depressed 
markets for gold, platinum and 
diamonds, the South African 


at RSfi.Im (£43.1m) compared price of gold which, in the year 
with R98m a year ago. The latter - to June 30 1981, provided.. the 


figure, however, was subse- 
quently reduced by writing off 


major source of investment 
income. .or 18.4 per-cent. .It was 


Noting that the mining and 
refining activities were un- 
economic in the second half of 
the financial year after a bare 
profit in the opening six months 


and disruption at the Tasmanian 11,498 feet, produced 157 barrels 
mines had seriously affected pro- of oil on a one-hour drill stem 
duction and worsened the cash test 

loss In the latest period. A second pay m the Red River 

.... , C zone was confirmed by an 

Unless this cash dram Is earlier one .hour drill stem test 
reversed the future of this r r «« 4 /m uii 440 feet where 
excellent ore body in terms of a ^-e^'t^esl^atedto beM 
viable mining operation and barrels V oil plus x barT(?1 of 
community can no longer be forTTiatioa water . 
assured.. Natural Resources Corporation 

Not withstanding the de- owns a IQ per cent working 
pressed prices -for lead, zinc and interest in a 320-acre lease on 
silver — and possibly in view of which the Christiansen 12-1 was 


towards 


R51.4m. this, being the amount followed' by diamonds I4.S per traditional Tasmanian base — the 


diamonds, the South African by which the purchase price of cent, platinum 14.5 per. cent and 

mining and industrial group has RS4.9m for minority shares in coal 6.2 per cen L 

done well - to emerge from the Tavistock Collieries excee.ded the 

year to June 30 wit!) only a 12. attributable book value of _ r 


per cent fall in net profits. Tavistock's assets. 

An unchanged final dividend On the latest occasion, “Jobn- 
of 470 cents (235p) maintains Dies " consolidated balance sheet 
the total for the year at 600 shows net current liabilities of 


Tavistock's assets. NeW 01011 t ? S gold 

On the latest occasion, “Jobn- , , _ T ° 

Dies" consolidated balance sbeet KC 01 JN GVSO/l 


company is pushing ahead with 
its Eiura lea d-zin c-silver project 
in New South 1413109. This is due 
to come on stream in early 19S o. 



ccotu 


1962 

1981 

r; 

lawsi 


Rms 

fl 

Th 

Profit before tax ..... 

109.5 

128.8 

V 

it w« 

Tax 

u.a 

13.8 

Profit after tax 

94.7 

115.0 

ic 

?fren 

Outside holders 

02 

9.6 


while 

Consolidated profit ... 

94.5 

105.4 

i; 


Investments income ... 

64.7 

12.2 


Subsidiaries profits ... 

228 

17.1 


Other net reuenu* ... 

7.0 

16.1 

li 

r 

Preference divs 

a.4 

7.4 

? 

il 

i- ifi : 

Atnbuiabfe 

86. f 

98.0 

F'.ttIK 

Extra Ord. item 

0.5 

51.4 

Attrib. after enraord. 

85.6 

46.6 

)r 


Retained 

196.0 

182.1 

.* 

helfc 

Distributable! profit ... 

283.6 

228.7 

c 

cnce. 

Ordinary dividends ... 
Interim 130c 

43.8 

3.5 

42.8 

9-2 

c 

16 Pf 

Final 470c 

34.3 

33.6 

e 

Trensler . to (from) 


'12.1 

P 

thev 

non-diet, reserves. . 

11.1 


Retained 

228.7 

198.0 


Th 

The latest earnings come 

out 


Utah profits 
maintained 


R4.6ui, which arise from a com- mointoi’nn 

bination of factors, compared has paid 334.8m (£20m) for pro- 1031012.106 
with net current assets -a year petty needed to proceed with __ . . 

ago of R39.7 bl The latest net development of the Gold Quarry X™_,.. d n epr ^|f a u r on 
asset value of the shares is deposit in Nevada. Aus 

reduced to R102 (£51.10) per Preliminary estimates put gold 

share from R122 last time. The reserves in the deposit at about lopmeot Company, 


115.0 asset value of the shares is deposit in we 1 
9.6 reduced to R102 (£51.10) per Preliminary 
share from R122 last time. The reserves in tl 
7ft shares rose £2 to £35 in London Sm oz of gold, 
jaii yesterday. . Newmont 


ibi yesterday Newmont said that after 

' 74 _ . several transactions by two of its 

38.0 The . outlook for the cunrent subsidiaries, it has title to the 
514 year is particularly difficult to wrftcr and 57.5 per cent of the 
46.6 judge, depending as it does on „,u,eral interests on nearly all 
M i a general economic improvement of -u- - T g" ranc h. 
f 2 l which would brighten the pros- h a]so has ownership of 10 
®!2 PMls- W platinum, dia mon ds pg r pgju 0 f {he undivided mineral 


THE depreciation of the 
Australian dollar against the 
U.S. dollar allowed Utah Deve- 
lopment Company, the largest 
coai exporter in Australia, to 
hold profits at .4372.4 m (£40. 6m) 
for ihe half year to June 30 
despite a 21 per cert drop in 
coal shipments. The dividend is 
being maintained at AS60.75m, 
most of which will go to the U-S. 
parent General Eleclric. 

•The fall in shipments resulted 


drilled, and has an option to earn 
(by drilling) a 10 per cent work- 
ing interest in an adjacent 320- 
acre lease. Offset development of 
the discovery is under study. 

Natural Resources Corporation 
hus also made its first completion 
of an oil well in the East Fenton 
prospect in Campbell County, 
Wyoming. 

The Davis Oil Company No. 1 
Harrier Federel Well, which off- 
sets the Phillips Thundercreek 
1-1 discovery well, flowed 107 
barrels of oil plu$ 13 barrels of 
water and 175,000 cubic feet of 
gas in 24 hours. 

Within the East Fenson pros- , 
pect. Natural Resources owns a 
25 per cent working interest in 
the No. 1 Harrier and in 2.240 
acres, and a 12.5 per cent work- 
ing interest in 160 acres. Addi- 
tional development locations on 
joint interest acreage are being 
evaluated. 


interests. 

But one hopeful sign is the 
current improvement in the 


deposit, and a new longer term- in the year which affected output 
lease on the remainder of the and movement from the central 


Gold Quarry interest 


BOND DRAWINGS 


Cm' OF BERGEN — US.S 10.000.000 
5li r * 20 YEAR EXTERNAL LOAN OP 19« „ , t • . 

HAMBROS BANK IIMTIFD Tiereby gives nonce Uut. in accordance »i(h the lenm and condflkw of the above -ton, the 
redemption lor ».<ili rx-iober HW2. h*< been el fleeted by ihe purchase of US.SM8.iXW 1 nominal 1 and ihe under -rnenuoned bonds . 
amounting to VS.5f.V,0»l innniliiolt were drau-n on the I2ih Aupuil 19S2, for rrderoplion at par. TJie ouisundin* balance alter 
Ihe Uth <"V:ioV*v-» |1S2. redenip»ion iv US.SI.MO.IKXI louminalf. ■ ' , , . ■ . 

Tlic drawn h«>iul> may be rromied 10 HAM BROS B.ANK LIMITED, 41 BbbopvMte, Lflndon EC2P 2AA, or to the Other 

^^kvfd^vuncndcreil vhnuld have attached all unnjaiured coupons appartenaol thereto. Coupons due 15 ih October 1982, should 
be detached and o'Ucucd in ihe usual manner. , , - . ' ... 

lor payment in London, bunds will he received on any busmen day and musl be left three dear days Tor examination. 

BONDS OF USS1.U00 • -- - 

36 38 56 12D 5K3 -«54 JWJ 5975 5976 8810 Ml 3 8814 

150 1*5 166 240 6IS4 6230 6252 *266 . 6391 .. ■**' 7 8821 88 “ 

13) 6J9S 6194 -6444 644* . 6447 . . 

762 6454. 6477 *523 6526 -6»l .. 

74 6595 6«1S 6846 684S 68 

_ Oi 6OT6 68V^ 6*W9 7001 

004 1090. 1123 1128 1135 7IM3 7102 7143 7146 .... 

] 14* 1)55 7)50 717T 2II 1 72,6 7218 

. ... 1424 )JS5 7219 7225 7228 724 

15SS 1?>>I 1?94 16*4 1649 7J.U 7.M.J 7.J44 735' 

■7362 1-167 7379 

7JW 7436 74» 


*976 898 

9012 

9036. 9077 
9059 906(1 


SW2 9007 
WI8 9027- 


7557 
7598 7«»1 

7660 .7665 


572 7556 

Mil 7602 


2656 2658 

2ff6S .>69 


4*12 4*17 

4828 4,536 


525R 5*65 

5455 545* 


54 SO 5517 
<SK 5770 


7660 7665 7671 767.* 

7W»I T72S 7747 7768 

7791' 7799 7906 7821 

TW 7S40 7S4] 

S44- 76*3 78*6 

• .923 7924 7925 

Sim *01 1 8031 8037 

8039 8040 SOil 8042 

SV44 SOW SOS' 7 8107 

829] 8438 M39 8446 

844U 8450 - 8453 -8454 

8478 8483 8491 8500 

8503 8504. 8505 85<>S 

8525 *531 8548 *549 

8551 8552 8562 85*5 

8602 8603 8605 8*09 

XoZX W62V SftOft *699 

8701 8708 8709 87J1 

S“I3 '8716 '8719 8731 

8741 87JO. *75J 8771 

8777 8782 *789 *807 


25 9127 

9144 9177 

91% 4197 

9225 9235 

V242 9257 

§578 9291 

9291 9292 

9309 93 P 

9442 9446 

9469 9471 

94« 949R 

9519 9525 

9534 9537 

9546 .9553 
955* 

9600 

9*30 9638 

■ ■9671 9675 

9*g»l W43 

-9721 9732 

9747 9796 

9805 9808 

9818 9820 

9*28 9*33 
98*9 9877 


Queensland mines. 


PERSONAL 

RETAKING 
‘O’ or A’ 
LEVELS? 

... Our penoml advisory servica 
wiflheJpyw choose the 
INDEPENDENT 

COACHING ESTABLISHMENT 
most suhed to yow needs. 

We are a non-profit making charity 
and our assotan*e s free./ 


/Cabbitasl^mA 

/AriliMtM-artacCABUMIrM Uat*A \ 

6.7 &8 Sackville Street. PtccKflHj; 

London \Vl.\ 2BK. 
Telephone 01-734 01*1 01-4.19 2071 


HONG KONG. Brlttsli Businessman vtslHng 
Umdon. Wide commercial experience & 
8K.AiAn contacts. Returning HK Seot. 
Com miss loos welcome Inc. sourcIng-O.C. 
etc. — Writ* Box G.6257. Financial 
Times, 10 Cannon -Street. London. EC*p 

EXCLUSIVE VIDtO CLUB — VKS, Beta. Eir. I 
For list Tel. 037 S 030563 day or 
evening*. . 


Advance 
by McKay 
Securities 


PRE-TAX . profits of property 
investment and development 
concern- McKay Securities, 
advanced from £I.31rn to £I.7m 
for tiie year ended March 31 
1982. At halfway, taxable figures 
were ahead from £535.000 to 
£823.000. 

Gross rents and service 
charges receivable amounted to 
£3.02m. against £2.57m. Tax 
charge was £872.270 (£693,170) 
and after adding extraordinary 
items Of £468,470 (£58,831). 

profits were well ahead at £1.3m, 
compared with £677.599. 

The final dividend is being 
raised from 1.35p to 1.5p net for 
a higher total payout of 2.85p 
(2.7p> per share. Stated earnings 
per 20p ordinary share were up 
from 4.7p to 6p. 

The dividend absorbs £395.063 
(£374,270). there was a transfer 
to capital reserve of £587-593 
(£168,616), and development out- 
goings totalled £208,519 
(£87.908). 


9822 9823 
9862 9865 
9880 9883 


U a St K £§ 88 L 


ART GALLERIES 


BLOND FINE ART. 33. SsCkvtlle SL. W1. 
01-437 1230. GALLERY ARTISTS. Until 
IB Sept. 


The folloinag Semis hem previous daxinss I»'v rot yet been presented for pagneoO** .. 

Bonds drawn for payment one— 
i3ih<Xwbcr 1981 
1180 1389 525® 

7008 3046 9300 

HAMBROS BANK LIMITED 
25 th Ail cusl 1982 


RESIDENTIAL PROPERTY 

SWITZERLAND 

FOREIGNERS cjn buy apartments freehold on LAKE GENEVA, in MonrreuK 
noar Lausanne, or all yBor round resorts: Si Cerqu* near Geneve. Viliam. 
Vertaier. Les Diablerais. Leysm, etc. FINANCING 50-70*/- AT LOW INTEREST 
RATES. Also quality properties in Fiance: Apanmems in EVfAN on (he 
lake, approaimarely 3b minutes From Geneva, and luxurious villas VERY 
NEAR THE BORDER OF GENEVA, built to your specihcaiiona. Adviao aroa 
proferred. Wnf* to: ' _ _ _ 

Developer, c/O GLOBE PLAN SA, Mon-Repoa 24, 1005, Lkuaenne. Swttxerleod 
Tel: (?I | 22 JS-T2 - Tele*: 2S18S mens ch 


TRAVEL 


TOKYO. OhM, Seoul. Tilpd and Far East. 
Wide choice of discount Bights. Brochure 
Japan Services Travel. 01-437 5703. 


01-437 5703. 


GALERIE GEORGE offers unique Invest- 
ment opportDirttJes with Galerle George 
Collectors Plan (with interest free credit). 
EXHIBITION of Fine Cnoilsn and Conti- 
nental Paintings, and Watercolours 1B20- 
1920. 9b- 9 8, George St.. W1 . 

LEFEVRE GALLERY, SO. Bruton St. wf 
O’! -493 1 572-3. XX CENTURY WORKS 
OF ART. Mon— frl. 10-5. 

UIMLEY CAZALET, 24. DavW SL. Wt. 
01-499 50SB. Late 19tti and 2otn 

Caoturv Original Prin ts. 

mall galleries, th# Mail. swi. the 

PASTEL SOCIETY. Anneal Exhbn. Dally 
Inc. Suns. 1Q-S. TtU 31 August. Adm. 5 Op. 

WHITECHAPEL ART GAlXEJtY. El. 377 
0107. Tube Aldgue EacL To SenL SIR 
CHRISTOPHER WREN. Sun? Frl. 11-530. 
Thun, to 7. SO- cl. SaL 6 29 6 30 Aug. 
Adm listen £1 (5 Op) free children and 

Mondays 2-5.50. 


FLORID*. USA ,, - 

Gorgeous Property Dlrartty 0» ' . . 
The Gair of Mexico 
near Disney wona 

Dynamic eorporatibn seeking partners 
for joint ventures • in .apartment de* 
yHoomcflts and f or time -sharing oro- 
ieets. Have a limited number oi luxury 
ocean-front 2.000 M, ft. 3-bedroom. 
3 -bath town houses' for sale. Developer 
will be in London Aug. 30 * 3l*t at 
tile Grosvcnor HOute Hotel. Please call 
for an appointment or leave a niessasa- 
Eugene R. Brown 01-499 C363 


AMERICAN 

EXECUTIVES 

seek luxury furnished fiats or 
houses up to £350 per week. 
Usual fees required- 

Phillips Kay 8: Lewis 
01-839 3245 


HOUSE TO LET 

(T to 3 years) 
attractive detached house 
S ituated /* New Malden. Comprise* 
three bedrooms, living room, 
dining rdom. fully equipped kitchen. 
Sec *i> large grounda 

, £125_eer_we«k _ . 

. <01) 995 2500 


LEGAL NOTICE 


NOTICE 

MEETING OF CREDITORS . . 
STILLSTOP LIMITED 

NOTICE IS HEREBY GIVEN pursuant 
to Section 293 of the Companies Act. 
1948. that b Meeting of the Creditors 
ot the above-named Company will be 
held et Tudor House, Princeton Street. 
London WC1 4 AX on Wednesday, the 
'8* day ol Sopiember. 1982. at 11 
o'clock in the forenoon, tor the pur- 
poses mentioned in Sections 293. 284 
and 2S5 of the said Act. 

Dsied this 19th day of August. 1982. 

By Order of the Board 
J. BOULOING. Secretary 


PUBLIC NOTICES 


The Royal Borough of 
' of Kensington and Chelsea 

Variable Rate Redeemable 
Stock 1983 

The Council ol the Royal Borough 
of Kensington and Chelsea 
announce that the half-yearly pay- 
ment ot inter an due on 24rh 
February 1983 on the. above stock 
• wdl bB-ar- the- rate of-£6,$125 (less- 
income ta*T per-£!0fi of eteefe. — 


FINANCIAL TIMES 

PUBLISHED IN LONDON & FRANKFURT - 

Head Office; The FhandJ Tho LMted. Bnetei Reuse, 10 Caraien Street Landed EC4P 4BY. 
Tetec 89S487L Tdex; (AdvedWni) 885033. Teiqrafna: Ftronthns, Len«n. Tetepfavnc: 01448 800G 
Frankfurt Oflfer The FlnaacW TbRW (Europe) Ud,’ Sofoudtotr. 54, MOOO FruMurt-ara-IMB 1, 
Wert Swnwiy- TetaC 42&MBL Tekpheoc; 75900. EMorimU Ftenkenaltar 72-82. r*k*s 416052. 
Tafcghenc: 7598 157. 

INTERNATIONAL & BRITISH EDITORIAL & ADVERTISEMENT OFFICES 

Artofenfcm; PJL B«r 1296, tewUrdtao-C-Tctec Madrid; EsenaMta 32, ttMfcid 3. Tel: 

26527. Tefc 276 796. 441 6772. 

55T? ta " C M-eheste:«to««ndAdrari«d#Bee«>s 

15 1PW Tetet: 338650. Td: (hm St, M2 SHPT. Tdtt: 666813. Tefc 

031-4540922. 061-834 9981, 


031-4540922. 061-834 9382. 

Mm Preohan U/104 IlnurtBn 2-10. Tdeu .. ... r _ Wll . t ,. 

mfifi-,117 Td! 210094 Mevlra Cfty; cane Dreoro 54-500. Cel 

OTwmc. in. jwjj, Jtonz. Mexko bOF 06600. Td- 592 3m . 

Brussdi: 39 Rea Ikteale. Taiex: 23283. Fax: 512 

1404. Td: 5U 9037. . Mescew: Katawiky 14, Ajartrawit L 

BwMf Am EWftde Slice Pfao 7, No. 74 Tetoe 4l33t» Fleam Tat 243 1635. 

Aventra Centeota* 456, Gotfge 1366. Td: Haw York: ESHedd amd AtNaHhbm 75 
3947696. Badufdfcr Ptaaa, H.V. 10019. EMteWTeleic 

Cdrm P.D. Dee 204a Tab 75148Z. Tdei: 

OaUa: 25 Seutft Frederick SL, Dubftn Z Tefacfl 238409. Tab 1212) 489 8300. . . 

ZS4L4. T«fc PdkSH 603378. Paris EMarlal aad Advertising Centro 

■ ■ -iar.,r.r -„r «i*i»r r r .. tt r, m ,. fAffairt* U Lnurfe, 168 Rae deRln*, 75044, 

Fnmkfart BKard d FtenkenaBec 71-2L TdsSfe u Yd; 263 8845. Telex; c/a Retrtere. 


ZS4I4. Td: O+Oa 603378. 

Edstaaffc £eMuWaWA*ertUw37Eeetga 
Street. EH2 2HN- Tetoc 72484. Utarfd Td: 
031-226 412a I Witfrt — Td: 031-226 4139. 


416052. Td: 7998 157. AMultMd fiuWktWr. ... 

54. Tetae 416193. Td: TS9M. SSflKTeKCTBWlf^ ^ 

Sjfta JJt me *, Ccadrter. Tdec 22581. Tab 

• Reafan*w «ga a 7. Tafcc 17603- 7d: SO 60 88. 

Hfinfl Kangi Itow SJTieNihr Wfinf, Wdtf Tokyo 1 MMrf U FhWf. MhM 
Street. CaiM. Tdea: 752D4 HX, Td: 5-23516a' 

JabannecbMB: PJL Bcb 2128. Tden B-6257. Tefc Fit 245 0358. Tab 241 2920. Adrartiffap 
833-7545. K loin Ikifma, 1-6-10 IfttAnla. 

Uah: AdnrMtg Penerewit Hauee. The *** JZ7104- Tab 295 4050. 

Headmr. Td: 0532 454969. WUMngtea: EOtwU U71 .Kt&BUl Pits* 

UtboK Praca <M Alaeria 50-10, Labo* Z Tdge »Mog. ***£*-• aaw5 - 

wen Tefc 362 508. 44034a Tab (202) 347 8676. 

For Share Index and Business News Summary, Telephone 24b 8026 
(number, preceded by the appropriate area code valid for. London, 
Birmingham, Liverpool and Manchester). 

A* ariaMHqrltaBNBEUB the pabtobw's emit tewand condtfcn; captei ofwUch ve BRdahlt an 
"T_ r*9*p- , •' 


Gemre; 15 rue *f Carter. Tdts: 22589. Tek 
311604, 


Gillett Bros, 
pays same 
again interim 

The directors of Gillett , 
Brothers Discount Company state 
that the group has traded profit- 
ably and that there has been a 
substantial increase in resources 
since January 31, 1983 — the end 
of the last financial year. 

A same-again net interim divi- 
dend of 7p per £1 share is being 
paid— a final of 1.75p was 
declared for the 1981/82 year 
when the group, which carries on 
the business of a discount bouse, 
made profits of £231.211 after tax '• 
and a transfer from con- 
tingencies | 

Jos Holdings 
earns same 
but pays more 

After slightly higher income 
Of £320,000 against £319.000, Jos 
Holdings, investment trust has 
held net earnings at £180,000 for 
the year to JuJy 31, 1982- 
Earnings per 25p share are 
given as 3.65p (3.08p) and the 
final net dividend is being lifted 
from 2.35p to 2.525p, which 
raises the total from 3.425p to 
3.6p. A one-for-four scrip issue 
is also proposed. 

. Net assets per ordinary share 
are given as slipping from- 95 p 
to 8S.9p. . _ 

Expenses for the period under 
review rose from £30,000 to 
£57,000. Tax for the year was 
lower at £82.000 against £89,000. 


SHARE STAKES. 

Afex Corporation — Western 
Selection sold 35,000 shares on 
August 17. Its holding, .is now 
760,000 shares (8.53 per cent). 

G.B. Papers — Del tec Pan- 
american Group has increased | 
Its holding to 921,000 shares 
( 12.33 per cent). . 

London and Provincial Shop 
Centres— Mr Ronald Gerard, 
chairman and joint managing 
director, has sold 5,000 ordinary 
shares reducing holding to 
L260.1S0 shares. 


AI Industrial rei 
mid-year loss to 


r 


LOSSES, before tax, of AI Indus* 
trial Products have been reduced 
from £595,000 to £284.000 in the 
six . months to June 27. . 1982. 
Sales of this manufacturer of 
ceramic and metal products de- 
creased from 47.83m to £7.52m. 

Although budgets indicate a 
continuing improvement in trad- 
ing results daring the second 
half,' the directors say long term 
prospects must depend upon 
some consistent increase in over- - 
all demand. 

Order books, which overall 
were at a very low level in May 
1982. have Increased following a 
good intake for some ceramic - 
products in June and recent ' 
demand for overhead line fittings 
has also improved. - ■ 

With losses per 25p share 
stated «t 3.06p. against 6-25p, 
there is again no interim divli 


tieod~~last year, a single final 
payment of 0.01p-was made while 
the pre-tax ‘deficit "totalled 
£989#00 (£907,000). - 

4 The first-half result was struek 
after: depreciation of £241,000 
(£221,000) and interest charges 
of £297,000 (£333,000). Tax pay- 
ments were again £4,000. a nd in 
1981- there was also an extra- ■ 
ordinary credit of £56.000. 

• comment. 

The 'market greeted ATs return 
to trading profits - by-, marking 
down the shares lp to 'Bp. At this. 
price, -the ailing engineering 
group is capitalised at lfrss than 
15 per cent o! its net worth. So 
much for what the market, jhinks 
of AJ — what can shareholders 
now look forward, to? The im- 


provemenVso -Jfy this, .year ft afrV 
been. ’ ‘ 

' but -interest payments, .ctmtinh^, 
id waah.ont any^s#ce ; for a 
‘ tux? to pre-tax j>roa&i in: Sie ‘", 
year: AI fe no dlselosing the . 
sum . it 4rece4red c £br ihe- Stone 


• geadnastifr p^r,CBBt,#y 

Stone £^le and ^fower irtfesrest . T > 
-rates, wist- be ‘wefeuiie joewi. 
Even : so," die ewrqiany V.taNrilfc 
overwhelmingly - dependent . os 
, an upturn 

and- -fte.-. dissects for ,siH* ib--4 ( 
upturn lodk- diin. CEGB ordefs 
ior the re-furfeishing of.-hftAi yoft- rj 
age. tines' and some iprovtnJent :£ 
exports are . she ’ only V JmbW®? •**' 
signs so far, but . these are not £ 
enough to hang a recovesy ua. 

The waiting continues. ? 


Improvement seen at Associated Tooling 


AN IMPROVEMENT in group . 
earnings is anticipated by Asso- 
ciated Tooling Industries for -the 
current year. ■ 

In his annual statement accom- 
panying the report and accounts 
for tiie year ended February 2S 
1982 Mr Anthony Pratt, the 
group's chairman, tells members 
that group profits for the current 
year to date are showing a 
marked improvement and that 
the order book- is a good deal 
healthier than when he last 
reported. 

He points out however, that 
there has been a reduction in 
the group’s customer base 


Wt< 


although he comments that this, 
would seem inevitable u 4n these 
difficult times ” 

Mr Pratt continues that in 
view 4>f the current pattern of 
trading, the year as a*. -whole, 
shotild, subject to no unforeseen 
circumstances, “show a material 
improvement in the group's 
earnings." 

As reported on July 30 the 
group, whose main interests are 
in engineering, achieved slightly 
higher pre-tax profits of £20L'S27 
(£195322) for the 12 months to 
February 28 last 

The chairman sums up by 
saying that during the past 12 -. 
months the group's directors 


have investigated several acquisi- 
tion possibilities and that they 
are currently having discussions 
with certain companies . . V 

■j Tbp _ gmip-V, : eensoUcfeted 
balance sheet ai ~Frt>ruary 28 
1983 . shqws fixed assets at 
£194,840 (£245,3531, " current 

assets at' £264,649 (£368,055) and - 
current 1 ' liabilities at £389,783 . 
(£363.386 >. Shareholders’ funds 
totalled £995.55* (£935587). The. 
Source and application of group 
funds shows ■ a decrease in net 
liquid funds of- £29,768 (£5£L21S 
increase).- The onnual i&eeunt;- 
.wiM. be Jmld-at- 116, Ja3l Mall.. 
SW, .on September J5 at noon. , 


a m 

W 



CGRFO 

COKPOSAODN SEmABtlO DtiAl 


International 
PuUic Tender ; 

Shares of Compania Chilena „ ; t 
de Navegacion Interoceanica S A. 

(IKTEROCEANIC CHILEAN NAVIGATION COMPANY) 

The Corporacidn de Fomento de lA Produccidn, COHFO, 
(Chile's Production Development Corporation); fondly rajaesfe :*• 
investors to submit offers for the purchase of 71,997.475 
shares of Companfa Chilena de Navegacidn-lriteroceanica 
S.A^ which represents 92fi1% of the share capital of the * 
Company. 

Rules and Background data covering this tender are available 7 
to investors, at Moneda 921, suite N ° €22, Santiago, Chile, 
subject to payment of a $5,000 ChiJean Pesos fee, • - 

Proposals should be forwarded in a sealed envelope, in 
duplicate, to: Vicepresidente Ejecutivo, CGRFO, Moneda 
921, suite N° 825, Santiago, Chile, no Jater than 10.00 AM, 
October 8, 1982 or to Executive Vice President, CORFO, One ■ 
World Trade Center, Suite 5151, N.Y. 10048, New York, U.SA. 

All proposals will be opened before interested parties, by 
Corfo’s Secretary General, who will administer this activity. ' 
CORFO reserves the right to accept the offer which, in their .. 
judgement, it deems to be in their best interest or to reject all 
offers without offering explanations. 


MINISTER EXECUTIVE VICE-PRESIDENT 
CORFO-SANTIAGO, CHILE r -?v . 



y CORFO 

f CORKSUiaOH DE FOMENIQ Dt LA PSODDOODK 

International 
Public Tender ;?h : . 

Shares of COPEC . £. 
Compania de Petroleos de Qu!e $.A> 

(CHILEAN PETROLEUM CO. SJL) - / . ; e \ 

The Corporation de- Fomento de la Produ;ccJ6n r CORFO. 

(Chile's Production Development Corporatiooy kihdly. requests' • *'» 
investors to submit offers for the purchase of- 84^941,632 , 
shares of Compania de Petrdieos de Chile; SJV. (COPEC^, 
which represents 14.1 6% of the share capital of the company, '• 
of which 45,763,717 shares belong to CORFO and 45,763,71 7 ; 
belong to ENAP (Chile’s State Petroleum Company, shares 
which are under CORFO control. . ' 

Rules and Background data covering thiste rider are avaifabr© 
to investors, at Moneda 921, suite N° 822, Santiago, Chile, 
subject to payment of a $5,000 Chilean Pesos fee; : 

Proposals should be forwarded in a sealed envtiop^ fn - 
duplicate, to: Vicepresidente Ejecutivo, CQRFO,-Moned£ ' 

921, suite 825, Santiago, Chile, no later than li£0Q.AM7 ; • •- 
September 27, 1982 ortoExecutive VIce:Pr^iifent,CORFO, - 
One World Trade Center, Suite 5151, N.Y. 10)48, Nfew YdriL ; v’. 
U.SA. • - . . y'.;"'.. -J'j 

All proposals will be opened before; interested, parb'es by 
CORFO’S Secretary General, who will administer this actfiflty.- 
CORFO reserves the right to accept the.offerwhicff in their :r ■; 
judgement, it deems to be in their best interest; or to zeject alf ; : 
offers without offering explanations. , . " . y . ^ ; -/ . ' ... 

rtv- rP -— MINISTER EXECUTIVE VICE-PRESIDENT ^ 




'Effies Wednesday August *25-1982 


feffijsisk* and Markat* 


INTERNATIONAL COMPANIES and FINANCE 






- ^r-SSjg* 


Bulldog Nafinsa ci 

bond for v 

Eleclricite £?« *** 

BY PETER MONTAGNON, EUR( 

de France I MEXICO'S state development 

bank. National Financiers. has 
By Our Euromarkets quietly wound down its cbm- 

" Oarratpondwt roercial paper line in New York 

which at its peak at the end of 
ECEJCTKICrrfi de France * is last year gave it borrowings of 
jaisisB £75m through the issue ^romid $3Q0m. 
of a 26hjBar bulldog bond In the 71,9 line * was wound down 
jjafldon market. The issue which S*»dna]ly over a period of 
jffl.be- priced today is the first “onths and Ncfinsa, which was 
bofidog since tile rapid rise in 0,6 first developing country 


Nafinsa commercial 
paper line unwound 

BY PETER MONTAGNON, EUROMARKETS CORRESPONDENT 


those charged by commercial 
hanks. 

But it is open only to abso- 


mercial paper line in New York lutely top-rated borrowers, and 
which at its peak at the end of in the light of Mexico's debt 
last year gave it borrowings of problems, some banker; said 


seamci Deere earnings plunge as occidental 

l^gr issue __ , ® v ® bid for 

by Merrill World Sales Volume falls Cities 

Lynch BY PAUL TAYLOR IN MEW YORK ! ‘inadequate’ 

By Our New York Steff DEERE and Company, the large sales incentive programmes overseas operations were con- & Y our New York Staff 

U.S. farm equipment manufac- necessary to stimulate retail de- tinuing to incur larger losses 

iUERRILL LYNCH, the Wall turer, only just managed to mand in the face of extremely than last year with overseas THE BOARD of Cities Service 

Street investment firm, is to make a profit in the latest quar- low competitive prices. demand for farm equipment has described Occidental 

follow up its innovative ter, recording its fourth conse- The lower physical volume depressed mainly by high Petroleum's 550 a share bid foi 
ta o nsh deeply discounted eutive decline in. net income of worldwide sales and result- interest rates. half of the oil company’s out 

zero coupon investment certifr The company’s share price has mg drop in output had not only Mr Hanson said the company standing shares as “inadequate’ 

cates hacked by U.S. Treasury plummeted in the wake of its reduced the dollar volume # of expected earnings for the rest The Cities Service board, 

bonds with a second Issue. disappointing results. Yester- gross margins on sales, but had of this year and early 1983 to which is due to meet a gait 

The firm’s White Weld day. it blamed low commodity also increased production costs “remain - under extremely severe today for further discusaons. 

capital market group launched prices and high interest rates per unit because of plant under- pressure.’* advised each shareholder “tc 

the first Treasury Investment for a 19 per cent decline in utilisation. " The company’s comments will make his or her own decision" 

Growth Receipts fTiffrs/ with worldwide sales volume during Interest expense had also give little comfort to the stock shout the Occidental bid 
a face value of $&56bn earlier th e first nine months been much higher than in 1981 market. But the third quarter The board’s action is seen as 

this month. The Tigrs have Deere’s third quarter net in- because of higher borrowings results, although poor, were still an attempt to protect itself 

proved a success with institn- come plunged 93 per cent to to finance increased asset levels, better than some analysts from shareholder lawsuits 
tional investors, who snapped $4.16m 0 r 6 cents a share com- Foreign exchange gains of expected. As a result. Deere’s which might arise if Cities Ser- 
up the first issue within days, pared to $67.lm or 99 cents a S36.1m for the nine months this stock price gained 25 cents after rice's management fail to find 
As a result, several other share in the same period last year were considerably down cm the announcement to S27J. a higher bidder. In a letter to 
Wall Street investment firms year, on sales down 22 per cent the $72.6m in the same period Nevertheless, the stock price 1 shareholders. Mr Charles 
have folowcd Merrill Lynch at S1.147bn. last year. has declined from close to S-J8 a j VVaidehch. chairman, said the 

Merrill Lynch's second Tigr This resulted in net income Operating results excluding share In the last IS months as directors and officers have not 
isme-wil! have a face value for the first- nine months of finance and insurance opera- speculation has grown that J'?t decided whether !o lender 
of $2.3bn backed by S509 in the. year 79 per cent down at tions showed a $l6.3m loss for Deere, which until recently had ! their own shares to Occidental 


Occidental 
bid for 
Cities 

‘inadequate’ 

By Our New York Staff 


turer, only just managed to mand in the face of es 
make a profit in the latest quar- low competitive prices. 


around $300m. 

The line ' was wound down 
gradually over a period of 


g*. gilt-edged market began 10 
daysAgo. 

Led by Klelnwort. Benson, the 
bonds trill be priced at a margin 
of 150 basis, points above the 
grogs', redemption yield of the 
British Treasury 134- per cent 
stock maturing in 2004-08. The 
losing - yield on this stock , 
cesterday was 11.34. 

* Eurosterling bonds firmed a 
further J point yesterday while 
other markets were again 
characterised by lack of new 
issue and small . price move- 

2S0DtS« 


borrower to tap the market, now 


yesterday that it would now be 
difficult for Nafinsa to raise 
money in this way. 

The fact that it has no out-, 
standing commercial paper 
does, however, remove one 


ter, recording its fourth conse- 
cutive decline in net income. 


The lower physical volume 
of worldwide sales and result- 


than last year with overseas j THE BOARD of Cities Service 
demand for farm equipment has described Occidental 


has no commercial paper out- small complication to Mexico's 
standing. No other Mexican debt problem. Mexico’s SBObn 
names have tapped the market, public-sector debt is held In 
It _ ig understood that a widely differing instruments by 


decision to wind down the line a wide variety of lenders, which 
came as the differential being makes it very hafd to satisfy 
charged to Nafinsa in compari - demands for equal treatment 


son with other borrowers in the 
market made it lew attractive 
as a source of funds. 

The commercial paper mar- 
ket. in which U.S. corporations 
lend their surplus cash, offers 
an exceptionally cheap form n f 
short-term dollar finance with 
rates normally much lower than 


of all creditors in any debt re- 
structuring.. 

Separately, Jt is understood 
that trading in Mexican petro- 
bon/Js has resinned in Mexico 
City after confirmation that the 
redemption value is to be cal- 
culated on an exchange rate of 
69.50 pesos per dollar. 


depressed mainly 
Interest rates. 


Petroleum's 550 a share bid for 
half of the oil company’s out- 


The company’s share price has mg drop in output bad not only Mr Hanson said the company standing shares as “inadequate” 
plummeted in the wake of its reduced the dollar volume jot expected earnings for the rest The Cities Service board, 
disappointing results. Yester- gross margins on sales, but had of this year and early 1983 to which is due to meet again 


day. it blamed low commodity also increased production costs 
prices and high interest rates per unit because of plant under- 


■ “remain - under extremely severe today for further discusaons. 


for a 19 per cent decline in 
worldwide sales volume during 
the first nine months 
Deere's third quarter net in- 
come plunged 93 per cent to 
S4.16m or 6 cents a share com- 
pared to $67.im or 99 cents a 


utilisation. 

Interest expense had also 
been much higher than in 1981 
because of higher borrowings 
to finance increased asset levels. 
Foreign exchange gains of 
$36.1m for the nine months this 


pressure. 

The company’s comments will 
give little comfort to the stock 
market. But the third quarter 
results, although poor, were still 


advised each shareholder “to 
make his or her own decision” 
about the Occidental bid 
The board’s action is seen as 
an attempt to protect itself 


share in the same period last year were considerably down on 


year, on sales down 22 per cent 
at S1.147bn. 

This resulted in net income 
for the first - nine months of 


the $72.6m in the same period 
last year. 

Operating results excluding 
finance and insurance opera- 


expected. As a result. Deere’s 
stockprice gained 25 cents after 
the announcement to §27 J. 

Nevertheless, the stock price 
has declined from close- io S-J8 a 
share In the last IS month; as 
speculation has grown that 


analysts from shareholder lawsuits 


which might arise if Cities Ser- 
vice's management fail to find 
a higher bidder. In a letter to 
shareholders. Mr Charles 
Waidehch. chairman, said the 
directors and officers have not 
yet decided whether in tender 


Further loss for Hamischfeger 


BY OUR FINANCIAL STAFF 

THE. ANNOUNCEMENT of for the third quarter, against a bid interest but both Paccar, 
another toss in the third quar- net profit of S19.7m or'S1.99 a the U.S. locomotive manufac- 
ter of this year by Hamisch- share last time. Sales dropped turer, and Mannesman, the 
feger. the Wisconsin-based from $1 68.9m to $9S.8. West German steel and engin- 

manufactuxer construction. At the nine month stage, Har- eering group, withdrew their 
nmung and materials handling nischfeger has a net loss of respective offers after encoun- 
eqtnpment is coupled with news $19.8m compared with a profit terfng anti-trust problems, 
ttiat it has ben obliged by its of 525.5m or $2.64 a share. Sales The company's products, 
institutional lenders to forgo for the nine months have slid which include power cranes. 


12* per cent Treasury 2010 
bonds. The Tigrs will again be 
sold in two forms, serial and 
callable. Mr W, Joseph 
Wilson, the White Weld 
group's managing director, 
said the new issne, which will 
be priced later this week, 
would be aimed at both the 
institutional and Individual 
investor. 


S40.Bm or 60 cents a share com- 
pared to SlSS.Tm or $2.97 a 
share last year on sales which 
declined 14 per cent to $3.46bn. 

Mr William Hewitt, chairman. 


the latest quarter and a £24. 9m 
loss for the first nine months. 
Mr Robert Hanson, president 


substantially unimpaired earn- 
ings in stark contrast ro some 
of ns competitors, might be 


and chief executive, said that forced to cut its dividend. 
Income from North American Yesterday. company analysis 


if a more favourable hid does 
nor materialise before the 
pr oration deadline expires at 
midmpht on Saturday. 

Cities Service, a leading oil 


5a id worldwide net income for farm equipment sales was sub- were still predicting that Deere J producer with mineral 


the third quarter and the first stantlally down on last year with 
nine months of the year had retail demand for farm equip- 
been " adversely affected by the ment at its lowest level in recent 
reduced volume of sales com- years. 

bined with the higher costs of Industrial equipment and 


would maintain the S2 dividend I chemical interests, takes a suh- 
becaupe of the company’*; funda- i sranlial portion of its profits 
mental underlying strength and \ from U.S. energy operations, 
the management's commitment i with refining and marketing 
to shareholders. 1 also playing a major role. 


LtiUiyoxcii Willi a 

that it has ben obliged by its of $25.5m or $2.64 a share 
Institutional lenders to forgo for the nine months hat 
dividend payments until April . from 5498.9m to :354m. 
next year. The company blames the set- 

Arnendmentstn agreements on back no the continued deteriora- 
around SlOOm of long term debt tinn in demand for its major 
mere obtained to avoid non- products. If disclosed that it is 
compliance with financial currently working at only nne- 
covetnants resulting from the third of capacftv. It is contiim- 
take-aver of a major distributor ins to reduce substantially its 
of Harnischfeger’s products and workforce and is rigidh ’ 

"to avoid defaults” which would trolling exnense* in amici 
have followed news of the loss of “continued depressed 
in the third quarter. tions." 

The heavy machinery maker. Hamischfeger made a 


Terry Byland, recently in New York, looks at the ship-container leasing industry 

Flexi-Van aims to win battle for survival 


The company s products. 1CA1" T 0X1 0.11113 LU Y f 111 UaillU 1U1 C 

which include power cranes. ■ 

overhead cranes and power , 

shovels, have been badly hit by THE SHIP container leasing in world ship container leasing, over the physical movement of financially orientated business 
the industrial recession. About industry has not enioved the admitted in New York that 'the group’s containers. of the 60s when only the cost to 


workforce and is rigidlv con- $2.7m 


the industrial recession. About 
one-fifth of sales are outside the 
U.S. 

Another major adverse factor 
in the first half, in which 
Hamischfeger Inst S4.9m„ was a 


trolling exnensec in anticipation 
of “continued depressed condi- 
tions.'* 

Hamischfeger marie a profit 


provision at Har- 
Credit. the finance 


which is 10 per cent owned by of S2S.lro last year, after struE- 
Kobe Steel of Tokyo, which Rling back from a loss of more 
paid B26m for 1m shares a year than $lm in 1979. It has in 
ago. turned in a Ios 5 of 513.9m the past attracted a plethora of 


nisrhfegr Credit, the finance 
subsidiary. 

The company points out that 
dividends, which were last paid 
in Aprir this year, cannot now 
exceed SO per cent of net in- 
come until the retained profit 
reaches “a certain level.” 


industry has not enjoyed the 
best of fortunes in the past few 
years. After a heady start in 
the 60s and 70s when the growth 
In container usage and the appli- 
cation of leasing principles 
created . an industry with a 
glittering track record, times 
have turned hard. 

Now. with their customers at 
the world’s shipping lines 


business was still “relatively 
flat” 

In flscaJ 1981. Flexi-Van, 
which operates container leas- 
ing out of more than SO coun- 
tries and counts most of the 
major world shopping lines 
among its clients, saw income 
from continuing operations fall 
from $23 -Sm to $11. 9m, com- 
pared with a high point of 


<the group's containers. of the 60s when only the cost to 

The cut in planned capital the cusiomer mattered, to a 
expenditure on further capacity more service-orientated opera- 
meant, in effect, a reduction in tion, where the practical trading 


purchases of new containers. “ I 
let the first couple of plans go 
through," said Mr Rubin, "but 


benefits to the customer rank 
highest. The leasing companies 


The new policies evidently 
have the support of Mr David 
Murdock, the multi-millionaire 
entrepreneur who became chair- 
man of Flem-Van last Septem- 
ber — a move widely seen as a 
defence of his stake of around . 


in November I decided to call tio nto planning the physical 
movement of the containers 


themselves now pay more atten- one quarter of the group equity, 
tio nto planning the physical But Mr Murdock has made it 


FT INTERNATIONAL BOND SERVICE 

The list shows the 200 latest international bond issues for which an adequate secondary market 
exists. For further details of these or other bonds see the complete list of Eurobond prices which 


struggling with low freight rates S38.3m in 1979. At net income 
and their bankers still charging level. Flexi-Van recorded 84.9m 
relatively high interest rates, the f or iggi against only 5406,000 
container leasing groups have previously, but both totals were 
found their profits squeezed in a heavily distorted by losses on 


principle 


behind container leasing is a rental. 


operations now discontinued — 
notably in road transport and 


will be published next on Tuesday September 14. 

U.S.OOUA* . . . ttMMflaon 

STRAIGHTS lumd Bid Offw d*y woo* Yield 

A*m» Ufa 15 m/97 ... wo 10SV -Ok +1V 13.11 

A mix Int. Bn. IS. 92 15 1024 UK 5 . 0 + 1 1 , 15.70 

Ann D/5 Fin- 14k 80 76 W, 100** 0 +1 J , 14420 


ATT 141, S3 — 400 

Biker Int. Fin. OO 92... 22S 
BMP Finance W» 89... IBB 
Bk. Aomt. HT SA 12 87 200 
Bk. Mon ml Uh 87 ... WO 
Bum. Indo Smr IS 89 100 
British Col. Hyd. W® 200 
Bntlih Col- Hyd. 15V 92 ISO 

Ctr»d» 14V »7 780 

Cmidjir 15V 87 . ISO 

Canadian Pac. 14V 92- 75 
..Can. Pac. Snc. 15 89:.. 75 

CIBC 18 87 100 

CttHWD 0/5 15 84/92 100 
CtHcorp 0/S 15V 8S/S7 125 

C*A 15V 97 75 

Con. Jinnor* IS* 88 ... 100 
DmwHm Ba. F. 14V 89 300 
Duka Pwr. 0/5 15V ® SO 
ECSC 14V 87 (April) ... 80 

El* 15V » ISO 

a* wsv « “2 

Ekapoa&aaM 14V 89 — SO 
Gan. ETac. Cnrflt 0.0 82 400 
Gan. Else. Credit 0.0 93 400 
Gaczy Oil Int. 14 89 ... 125 
GMAC O/S 15V W/97 100 

GMAC O/S Fin. 15 89 125 

GMAC 0/5 Rrr.. 15 
Gulf Canada LM W«Z 100 

‘ Gulf Oil “WV 94 IS 

Gulf. Oil Fvn. 0.0 92 ... 300 
Naw Brunswick 87 75 

tf«%r Braomriok 5 2* 

Nov* Scotia Pr. 15V 89 75 

Onrario Hydro 14V 88. . 150 
Ontario Hydro 15 92 ... ISO 
Pac. Gaa ft El. 15V 89 4S 
PhiHiM Patrol 14 89 .. 200 

RJ.Rvnldt O/S P.0 92 *» 
Saskatchewan ft. IS 92 ISO 
SMI Canada 14V 92 - J* 
Sapanor O/S Fm. J* 89 125 
8 wad. Exp. Cr. Iff. 89 1» 
Swan. &«P. Cr. 14V 90 100 
Swpd. &p. Cr. 0.0 84 200 
T*>flia Eastern 15**. 89^- W 
Union Carbida 14V 85 ISO 
WMa Fargo Int. 15 87 75 

Ufarid Bank 14** 87 ■■■ *00 
World Bank iff*- 88 .. 250 

World Bank 15 87 250 

World Bank 15 88 ..... 150 


KBVKBV 0 + IV 15.70 
98V 100V 0 +1V 14-20 
104V 105V -ev MV 15U99 
28V 28V 0 +1 14.17 
100V 100V 0 -0**14.81 
96V 98*. -OV -F2*i 12.98 
89V 99** O -+2\ 14.56 
100V 101 o +3V 14.77 
104V WV -OV +3V 13.67 
108V 105V O +2*. 14.10 
106V 106V +0V +3V 12.77 
105V 105V +0*» +2V 13.72 
100V 100V +0V +4V 14.47 
90V 90V +0** +2V 1S.11 
1QQV-101 +0*. +1V 15.67 
WIVKHV O +1 13.41 
102V 103V -0»» +1V 13.82 
TD6V107V +0V +4V 14.64 
98 98V +0V +2V 16.13 

88V 100V -OH —OH 14.25 
103V 104V +0H +1V 14.44 
102V 103V -OV +ZH 13.79 
106V TO* — OV +3 14.04 
105V 106 +0H+3H 14.38 
MPa 102V 0 +1\ 13.94 
30V 30V -OV +1*t 13.34 
28V 27V +0V +1 13JS6 
K XP, 104V -OH +2V -V3JKJ 
102V 102V 0 +1V 13-98 

KOH 104 +0V +2*i 14. 06 
103V W4V +0H +2V 13.70 
10* 103V +0V +4 14.07 
102V 102V +0H +1V 13.75 
30V 31V 0 +1V 13-14 
104V WV +0H +4V 13-95 
108V 108V -OV +2V 14.57 
100V 100V 0 +3 1B - M 
106 105V +0V +3>* 1148 
106V 106V +0*. +0V 13-67 
102*1 103 +0*. +0V 14.76 

ioiv ioiv o 
30V 31 +0V +1V 13-2* 
102V 103V -OV -OV 14-41 

102 W2H +0*. +3S 13-W- 

100 100V 0 +1V 13.» . . 

103V 104 +0H+2V 14.27 

100». 10O*, +0H +3V 14 J7 
21 V 22V +0*. +0*. 13J8 
10 ®** 103 s * +0V +1V 1«£ 

103 W3H — OV +2 V 1331 
103V 103*, -OV +1V 13,88 
102V 102V -OV +3V 13-45 
1057*108% 0 

104V 106 -0», +3 1360 
104V 10SV -0>, +3 I*- 7 ® 


nosing prices on August 24 
Change on 

OTHER STRAIGHTS Issued Bid Offer day weak Yield 
• Bel) Canada IB 89 C$... 100 fioO 100*, O +1*, 15.33 

Br. Col. Tel. 17V E8 CS SO f1<»V lUV 0 0 16.96 

Can, Pee S. 1BV 89 CS 50 199V lOOV — OV +1 1630 

Can. Utilities 17 87 CS 35 tlOIVIOZ 0 +1 16.45 
Get Metro 17*. 30 CS... 80 t98V 98*. — OV +0V 17.57 

OICB 16V 88 CS 63 tsff. 100*. ~0V +1 16.20 

«3. Hyd 16V 89 (M> CS 60 t99*j 100 -0*. 0 1630 

U. 01c. Nwv. 9*t 30 EUA 18 96V 96V +2 +1 10.22 

Amro Bk. 10 87 (M) Ft 150 100V 100V 0 +1>, 9.83 

Amro Bk. ID 87 |A) FI 75 ItO 101 . 4-tr, +0V S87 

BV.. Mecs A H. 10 87 FI 76 99», 99V 0 +0», 10.08 

El 8 10 87 FI 75 99V WV 0 0 10.13 

Ireland 10V 67 FI 75 99V 99>* 0 +0**10.62 

OKB 10V 87 FI 75 100V 100V +0*, +0*, 10.39 

OKB 14 36 FFr 400 94*, 9SV 0 -f OV 16.03 ! 

Solway M C 14*. 86 FFr 200 94', 95V +0*, -0*, 16.72 

RenefiTiiiri 14*. 90 f (D) 30 94 95 -0» t +2\ 15.42 

RFCE 14' : 87 C 30 105V 106*, -0*. +SV 12.80 

BNP 13V 91 C 15 100*, 101V ■+DV +2', 13.30 

CECA 13V 88 € 20 102 103 +0V +2V 12.88 

Fin. Ex. Crod. 13V 86 £ 15 101%10ZV -OV +1V 12-81 

Gen. Elec. Co. 12V 89 € 50 102 103 +0V+4V 11.88 

Hiram Welker 1«V 88 C 2S 104V 105V — OV +3V 12.48 

. Norsk Hydro. 14*, 87 C 30 105*, 106V 0 +2*, 12.77 

Privatbanken 14*, 88 £ 12 100V 101V -0*, +1V 14-14 

Quebec 75V 87 C. 35 105V 106 7 , -OV +2V 1348 

Quebec Prow. 14*, 89 C 30 100% 11V -OV +1*, 14.29 

Reed (Nd) NV 16*. 89 C 25 107V 108V — OV +1% 14.68 

Rowel Trustee 14 68 E... 12 101% 102% -0% Tl% 13.04 

SDR France 15H 92 E. . 30 104% 105% -0% +0% 14.46 

Swed. Ex. Cr. 13% 86 C 20 102% 103% 0 +1% 12.62 

Tennoco Int. 14% 87 £ 30 101% 102% —pi, +2 14.22 

Euro time 10% 87 LuxFr 500 86% 37% +0% +0% 11.24 

EIB 9% 8S LuxFr SKI 92% 93% +0% 0 11.42 

FLOATING RATE 

NOTES Spread Bid Offer C.dte C.cnn C.yld 

Alffed Irish 5% 92 .t . OV 9B% 99% 15/10 15.69 15.87 
Bk. of Tokyo 5V 91 (D) 0*ii 100% 101% 8/12 15V 15.12 


simple one. Containers have 
proved themselves to be an 
efficient and convenient means 
1 of transporting products from 
manufacturer to the purchasers. 

By leasing the container from 
a middle man rather than buy- 
ing it outright, the shipowner 


But now, with the final 
closure of the lossmakers whose 
misfortunes had been hurting 
group profits for some years. 
Flexi-Van is beginning to show 
the beneficial effects of Mr 
Rubin’s new policy towards the 
ship container operations. 

The first quarter of this year 


takes a considerable weight off brought a sharp upswing in 
his balance sheet and is freed income from continuing opera- 
from the problem* of physical tions to S8.4m. from-$2.?m and 


ownership. He need not concern 
himself with the location or 


the similar total for the first 
half of the year is S16.8m com- 


ito ioi . +0% +0% a. 87 future nf the container once the pared with $7.3m a year ago. 


99% 9B% 0 +0% 10.08 careo has bpen unloaded. . 

»V H% 0 +ov lo.'e? ? ut f hc recession in world centrales on the more efficient 

100V 100% +0% +0% 10.39 shipping has wrought havoc use of assets: ire first leg was 

94*1 95% 0 +0% 16.03 with this happy arrangement, the disposal nf the lossmakers — 

m ‘ »' -oj' 1 I?'' Jl'I? Mr . Rubin . president and now virtually completed, Mr 

iorv iimsi. —nit i’ «n chief executive of Flexi-Van. Rubin assures. The next step 
which claims the second place was to impose tighter control 

National Distillers sells 
stake in Taiwan group 

BY ROBERT KING IN TAIPEI 

NATIONAL DISTILLERS Cor- been suggested, however, that 

poration of the U.S. plans to the withdrawal may be due to 

sell its 43 per cent share in USI the company's recent lack of 

Far East (Taiwan), a major profitability. USI made net 

Taiwan petrochemical manu- losses of about S7m in calendar 

faemrer. and has already asked year IASI and there are fears 

the Government to approve the that the losses will continue 

transfer of its shares to a Hong this year. 

Kong investment company, a The divestiture is nntewj»rthy 
company official has said. because it follows hard on three 

Antonio Chong, chairman of other such moves in the past 

USI. said that the as-yet- year. Gulf Oil. B. F. Goodrich, 

unapproved transaction in- and Union Carbide have, with- 

vwlves some “4 million shares drawn all or part of their in- 

worth close to 528 m at current vestments in Taiwanese petro- 

share prices. H-sing Lee invest- chemical ventures, 
ment nf Hong Kong has already The official reasons ■ given 
agreed to buy the shares, he were varied, but most observers 
said. feel that the real reasons are 

Mr Chong declined to reveal the increasingly unfavourable 
the U.S. company's reasons for climate for petrochemicals 
disposing of its shares in USI, manufacturing due to materials 
which makes plastics used in price* and weak market 
the packing industry-. It has demand. 1 


Mr Rubin's new policy con- 


94% 95% +0% — 0*, 16.72 
94 55 -0% +2% 15.42 

105% 1D6% -0% +SV 12.80 
100*, 101% +DV +2’, 13.30 
102 103 +0 1 , +ZV 12.88 
101% 102% -OV +1% 12.81 
102 103 +0V+4V 11.88 
104V 105V -OV +3% 12.48 
105% 106V 0 +2% 12.77 
100% 101% -0% +1% 14-14 
105% 106% -0% +2** 1348 
100% 11% -OV +1% 14.29 
107% 108% -OV +1% 14.88 
101% 102% -OV Tl% 13.04 
104% 105% -D% +0% 14.46 
102% 103% 0 +1% 12.62 

101% 102% -0% +2 14.22 
96% 97% +0% +0% 11.24 
92% 93% +0% 0 11.42 


Bk Nnv« Scotia 5% S3 0*, 

RFCE 5% 88 QV 

BFCE 5V 87 OV 

Cal%96 Mat. Tale ff, 90 OV 

CCfE SV 2002 0% 

CFPME 6V 92 . . . OV 

Chemical NY 5% 94 . *1% 

Credit Aqntofa 5% 97 . OV 
Cr*rf>t Hu Herd 5V 92. . 0*. 


0‘, Sft\ 99', 7.9 flO 15% IS. 36 

0*. 99% 100% 28/10 15 15.02 

OV IOOV 100% 77/1 14 13 S3 

OV 99% IOC*, 21/10 15% 15.75 

0% 98*. 98% 11/11 15V 15.59 

O*, 1001, 101 10/12 15.44 15.32 

CV 99% 100% 23/9 18.63 16.67 
OV 99% 100 24/9 15.44 15.48 


Crorlit Hu Herd 5V 92. . OV 100% 101% 23/12 16.31 16.67 

Credit Lyonnais 5V 97... 0% 90% 100% 1/10 IS 16.02 

Credit Lvo" nail ff, 94 . OV 100% 101 1/1 16.94 16.81 

Credit Nat. 5V 9* .. .. JOV 98% 99% 9/9 14.63 14.36 

Ireland 5V 69/94 .... 0** |»% 98% 25/11 14% 14.96 


TTaiES. Wt£ miaUT.On dey 0 on weak +2V 

Deutsche mark lBBUBd Wd OffwdS^a? Yield 


Kansallia Oseko 5% 92 OV 99% 100% 8/11 15.31 15.31 
Lloyd* Eirrofin 5V 93 50V 100 100% 29/10 17*, 17.08 
Lanq Term Cred. 5% 92 OV 99% 100% 29/11 14% 14.64 

J P. Mnfflan 5% 97 ... (KJ% 39% 10(1% 13/11 12.94 12.35 

Nat. West. F.n. 5V 9t. . §0** 101 101% 15/1 15V TS.06 

N«w Zeeland 5% 97 ... 0 % 100 1001 . 7/10 js se 15.53 


STRAIGHTS 

Aatan Dev. Bank 9% 32 1» 

Australia 8V 91 - 

Asstria 8% 92 

Barclays Q/S in. 8% 9* WO 
Sowntar Int. Fin. 8% 86 50 


98*, 99 +0% +1H 
W6% lOff, -OV +1V SJ8 

96% 66% 0- +1 

* S Q +1 *M 

96% 96*, 0 +0% 9J8 


NIoDon Credit 5V 90 ... 0% 100% 100% 10/2 13*t 13.79 

Offahore Mining 5*, 91 OV 100% 100% 2/12 14.19 74.10 

PKbnnken 5 91, 0** 100% 101% 17/12 15.81 15.68 


Scotland Int. 5V 92. 0*, 

Sec. Pacffic 6% 9T 0% 

Sedate Generate 5V 35 OV 


9ff% W»V 7^/9 15% 15.53 

99% 100% 24711 15 15.00 

M% 1/g 15 J1 15.41 


The ship container - leasing 
industry, which enjoyed a 
glittering track record a. 
decade ago, has been bit bard 
by the recession in world ship- . 
ping. Flexi-Van, second 
largest group in the industry, 
saw profits plummet last year 
as a result, but the group has 
devised a stringent policy 
for survival, and plans to hold 
on tight until the world out- 
look takes a turn for the 
better 


a halt The criterion now is 
malting cash.” 

The decision meant tha t Flexi- 
Van win spend only $40m this 
year on new capacity, compared 
with $160 ra in 1981, bringing a 
welcome reduction in interest 
charges which last year totalled 
S55.5m. 

Backing up the reduction in 
cash spending have been 
changes in philosophy towards 
the management of shipping 
containers. 


movement of the containers clear that Mr Rubin, who 
around the world’s shipping became chief executive officer 
routes so that no earning time only a few months before Mr 


is lost. 


Murdock’s arrival. 


At Flexi-Van. this has meant firmly in the saddle. “I*m not 
the development of a substan- going to be active in day-to-day 
tial computer complex in New management.” wa s Mr 
Jersey which keeps tabs on the Murdock's reply when the ques- 


group's 245,000 twenty foot 
equivalent iTVUs) containers. 
Some containers have been sold. 


tion was raised. 

This is just as well, because 
Mr Murdock, whose business 


particularly in Europe where empire is run from Murdock 
they command a better price Center, on Wilshire Boulevard. 


than In the U.S. 


Los Angeles, is not known a 5 a 


A search for new markets has “ hands-off ” operator. When he 


been given the highest priority. 
Flexi-Van’s substantial opera- 


bought Cannon Mills, the 
apparel and textile company for 


tions in Europe, Asia and Africa £400m. he promptly turned it 


are headquartered in London, 
although the international 


into a private company, and 
made himself chairman, presi- 


nature of the business blurs the dent and chief executive. 


lines of decision between Both 
London and the corporate bead - Murdock 
quarters in New York. eagerly fc 

Europe is a “well matured in world 
market ** in container terms. For. as 
Greater hopes of expansion are has been 
pinned on Africa and the and strer 


zeen Both Mr Rubin and Mr 
ead- Murdock will be watching 
eagerly for any sign of recovery 
ired in world trade, 
rms. For. as Mr Rubin puts it, this 
are has been a year for " surviving, 
the and strengthening the balance 


langes in philosophy towards Far East, with the important sheet." Haring achieved this, 
le management of shipping proviso that expansion - hinges Flexi-Van hopes to be able to 
intainers. nn heavy investment in new con- seize opportunities for expan- 

The industry is now changing, tainer ports by the. host govern- sion when the world outlook 


Rubin believes, from the menis concerned. 


takes a turn for the better. 


(This announcement appears as a matter of record only) 


been suggested, however, that 
the withdrawal may be due to 
the company's recent lack of 
profitability. USI made net 
losses of about S7m in calendar 
year lflSI and there are fears 
that the losses will continue 
this year. 

The divestiture is nntewj»rthy 
because it follows hard on three 
other such moves in the past 
year. Gulf Oil. B. F. Goodrich, 
and Union Carbide have with- 
drawn all or part of their in- 
vestments in Taiwanese petro- 
chemical ventures. 

The official reasons ■ given 
were varied, but most observers 
feel that the real reasons are 
the increasingly unfavourable 
climate for petrochemicals 
manufacturing due to materials 
price* and weak market 
demand. 


mm 


NWinr »nu nn. O-I — - / .„ T - _ni J.J, a jm, 

CAm N.t-Tls. 9% « W +0% Im 


Sfendatd Chon: 5% 91 0% 100 100*, 78/11 14% 


Cakada 8% 

Cavp. Taf. 5»D, 82 229 

Grad. Forwiar 8% 92 — 

Dnnaric 10% 92 WO 

EOF 8% 92 100 

-EM B% * w 

SA. »■*.». *g 28 

AtaMl, Finanelw* M 90 150 
Kook Hrdm a% »■ 

PbfiP Motna 8>, 90 - - 
Qtiabte 92 ISO 

!*9h 10 82 Jg 

3HEF &% 92 

T«KB»UlObtlni 8% 94 50 

TaAntcfr lm. 9 M WO 

Wortd Bank S*t & 

World Bank *H 82 . 2 OO 


101% 102% -0% +0% 8^6 
100 % 100% -C% +0% 

97% 97% Q + 1> - ®-W 
W, lOtH 0 -0% 9^ 
100% IOIH O +0% 9.87. 
SB 36% -0% +1% 8.96 
97% 98% +0% +0% 9-31 
88 % 89% +0% —8 13-« 
«c Q 4-1 4*76 

it»% 101% S £5 
unwl*, 0 -ft 8.08 

102% 103% 0 +0H 6.» 

39V 99% -0*, 0. W.07 

96% «% +® 1 * +2 J'2 

1 «% 102% 0 +0% B.« 

on Ml* +0% +1 9.1' 

l“v 1M% +0*. +0’z 9 . 2 * 
98% 97% +0% +1H 8-98 


Sweden ft 89 0% 

Town Jo Demin *n 5% 92 0% 


99% 99% 28/8 15.31 15.41 
9B% 99% 11/2 1A37 14.48 


Avaraga price changes .. On day 0 on weak 0 


& 0 on wMk +0% 

SS8m“-- ' ! -ts'JRsSSsSS 

« ’ssas is 

if* s-2 


Aidan Da*. Sank T 92. \ 100 
AbciIm 7% 92 JO 

8HT 8% 33 J00 

C«. Kit rfcBIBj S 22 

dim affartaefr 8% 92 W 
Bgroiwat 7% 82 100 

l«ff. Fund Roland «% 92 » 

Japan Dav. WO 

Kfrmi S, 6V wo. 

Koba City ff, 92 100 

Kbmownlon* 7% . 92 -- * 
toiartao Int.- Rn. 7H 92 M 
Nk mi QSK BH 92 WO 

Na&iu 8% « ~...w M 

fttbroas 0/5 F. 7H .B0 J* 
*pr Zard.nd 9JB ! WO 
Ibpon T*l. ft T. W 

Hkftffl — w 

m TV 92 WO 

*Kp. Mords 6% .94 ... 1» 

% 7% 92 . » 

xlpaai rim . 5%9? WW JO 
SVapaka Mandat*. 6 % 92 100. 
T#b Itr SZ... I® 


Bid Offv day ww*t ™ 
10t% 102; +0% +0% 5-99 
TOO 100*? -OH -0** J-* 
*4 96% —2% —1% 8.66 

98% 98H 0 +0% 8-90 

101 W1% +0H +1, J-® 

33% 100 +8% +1** 6-78 
101% 101% +ff < +0% 

39% 100 -OH+1H fZ5 
U»H VBh +0% +1 5-Tf 
101% 102 +0H +0% 6^ 
WIH 101% -OH +0H 
SSlOOH-OH -0% 7-19 

WH «%+0H+O% 8.18 

M 96H 0 +0% 6.BO 

80% 80% 0 “6% 11.70 
■m%102 0 0 7^3 

104% 104% O 0 
3$H 96% —OH -0% 89} 
1M%1oT-OH-0% 6.98 
-0% +1H 5.07 
gs SftH —0% — 1% ‘ Wl 
iHvira +0H 0 BA9 

w 8BH+0H+0% 6.87 
38% 98% -0% +0H B-«Z 
104 Wff* 0 0 


1 +0 "' 


W STOMGHT* 
S9-2f% 92 

Mi.t sftfljaf. 0*v. 8% 91 
Jttiin Aihlff** 7%- XJju 
Nw-Zaaland 8% SI ... 


Chang* an 

iMuad Bid 0««f day weak YlaW 
,, 97% 9ft — 0% +0% 8i41 

.15 W1 102 - ^ +0H J 1 ® 
9 58 96% 0 +£> H 

« 99% 100% -0% +0H 

SB 98H «8H +0% +0% 8-48 


CONVFBT1BIE Cnv. Cnv. Chg. 

BONDS data price Bid Offer day Pram 

Ailnomoto 5% 65 7/SI 933 80% R2 +0% 7.65 

flew Valley Inv. 8 95 . . 4/81 23.12 9ff*, 99% n 55.12 

Fridpeemiw Tiro 5*? 98 3/82 470 »4% +0 1, i m ng 

Canon B% 95 1/817SW.3 97% 39 —1% 1.21 

Canon 7 87 7/82-MB.2 111 iij*% +0% 1.20 

Chnoai Phflnii 7% 96 . . 7/82W.B 114 115% +0% J.if 
Fui«tiu Fa nur 4% SB 10/81 5841 74 76 +n% 34.72 

Furnkawa Elec. 51, 96 . 7/81 300 55*, 97% +B% —0 94 

Hnarhi C«hle "1% 96 .. 2/82 515 55 gff, w o% 1^7 

Hirer hi Crod. Cpn 5 9fi 7/81 1812 ftt% «?% -0% 9 54 

Honda MnTnr F*, 97 3/9? R4i be*, JK% + 0% a.TR 

K4W4«k? 5% 96. 8/81 VP 81 KP t 0 22 W 

Mann 6 96 7/81B4K 4 W, 0,1, 411, 

MlnoDa Camera 5 96 ...10/81876,4 80% 87?, -OK ?5 .*2 

Minnrco n% 97 5/82 B Ifi Jon n.1 

Murafr 5% 96 7/81 71R9 61% RO, _1J % yi -iq 

NKK .8*- . .. 7/81 1W fi9% 70% n 

Nioocn ETactric ff, 97... 2/82 Mfi 91% 92% t.<i% B ^ 

Onant Flnanca S*« 47 ... 3/82 74% 79% -n% HI 

Sanyo Electric 5 96 ...10/31 BR} tun, Rfl +iv, ibti 

Sumitomo Elae. 5*j 97 .. 3/82977,3 oA% 92% —1% B.7fi 

Sumilamo Met. 5% 96 ..10/81 296.1 58% 59% +0% 40,37 

Swiss Bfc. CD". 0% 90... 9/80 181 73 75 0 27 11 

Konishlrafeu B% 88 DM 6/82 616 101 iaj q 1511 

Mitsubishi H. 6 89 DM 2/82 263 83% 83% '4-0% 35.74 

• Nd information 8 vails ble— previous day’s price. 
t Ofllv ona market maker supplied o price. 

StrefoM Bonds: The yield Is the yield to redemption of (he 
mid-price; the amount issued Is In millions nf currency 
unite except for Yen bonds where it is in billions. 
Change on w9Bk«Chamo nver price □ week earlier. 
Floating Rata Notes; Danomlnsrad in dotloji unlssi; other- 
wise indrcaled Coupon shown Is minimum. C din = Dale 
new couoon becomes effemlws. ft bovs 

six-month offered rata (t thrw-mnnth: $ above mean 
rate) for U S. dollar*. C. con —The current coupon. 
C.vltf-The current Yield. 

Convortiblfl Bonds; Denominated In dollars unless ijther- 
wn*e lodiratod. Cog. dsy^Changa qn Hay. Cnv Hsts — 
First d**a lor conversion Into shams. Cnv note — 
Nominal amwrnt of bond pr.r shire m praised in 
riirranrv nf <Hare at ronvarnmn rare fi.od ai issh". 1 
prommParcenieQf pr*muim ni iho irurrent eHertmi- ph-.a } 
nf arflulrim aha raj v.s the bond over the mi'.: ioc?nt 
pripa of the shares. ! 


Branlff asks court for 


Bid Offer day Prom 
80% B2 +0% 7.65 

96% 98% t* 55.12 

»4% 8B% +0% 1 .ns 

SB* 99 — 1% 1,21 

111 112% +0% 1.20 
114 113% -HIS S.lf 
74 76 +n% 34.72 

85*i 97% +6% -0.94 
85 gff, w0% 1,47 

S4% «?i, -fl% s 54 I 
86% 86% +fl% 9,79 
81 67*5 0 22 <nt 

«% “«% +1% am 
sn% 87% -0% ,05,42 
t°7 94 4-fi 1* ofl 

R1\ B«, - 1 % n ,iq 
w% 7P% n _27,ifi 
51% 93% t.0% B 33 
74*. 79% -0% 1 

M*, 88 4- IV, t9 77 

ow, 92% -1% B.Tfi 
58% 59% +0* 4 40.37 
73 75 0 27 11 


BY OUR NEW YORK STAFF 

BRANIFF - International 

Corporation, tiie parent com- 
pany of the Texas-baspd 

Bran Iff Airways which ceased 

operations on May 12. ba.s 

asked a Federal Judge to 
throw into default four pen- 
sion Funds covering nearly 
former employees aud 
retired employees. 

The pension plans are 
guaranteed partially by the 
Pension Benefit Guaranty 
Corporation, a private com- 
pany set up initially by the 


Federal Government. If the 
court action is successful, it 
conld lead to the biggest 
government payout to a pen- 
sion plan in recent years. 

The four pension plans 
were underfunded by about 
$1 48.6m at the end of last 
year. They coaid require an 
injection of np to between 
Stiflm and S70m just to meet 
the minimum guaranteed pay- 
ments to former employees 
and workers who had already 
retired, the company said. 


ILS. Iveco sees surplus 


tfMptt** dffjrO m r m t ek +0% 


Change on wuot-Chunao nver price □ we ok surlier. BY OUR FINANCIAL STAFF 

Floartilnfl Raw NoIW! Donomlnsrad in dollar; unlssu ofhnr- 
wi"iB indicBled Coupon ahown Is minimum. C <J1 b = D»W itot TT C mibsirliarv ftf TV«Q) 
new couDon befomes effemlvu. Spron^ mManrin Above Trtr U.O- SUoSltliarj 01 iveco, 
six-month nffsrflri «» (t thrw-rnnnth; 4 Above mean EttTOpe'S second largest COm- 

c J 5i^. U c«™S. CxBn "' n ” CUfrent ““»»». mercia] vehicle manufacturer, 
Convurtibln Ronds; Denominated In dollars unless will make a Small net profit 

wise indicated. Cfn. dsv-Chsnga on u B y. Cnv rfsis- * hi _ .... aT1f » «.y.« American 
First d*»s lot conversion Into shurns. Cnv er.« - t * ,,s - Vpar STin “ tne •^ nieriran 

Nominal amnnm nl bond pr.r sh ir* «ow:irrt m proflnniy Dicks Up fl " COnrider* 
ciirirnry nl share at rnnvflrmnn mra fi.ort ,ssu«. 1 _ K1 „ .. !„ tqq'’ ai-rnrriinn 

Prom- Perennial P Pf-mu.m m ,h« rorren, pure abJp , P'° fil ‘ n \? Kk a ^CO r aing 

nf uraulrim via tHa bond ov*r iNe m nr.: roc?ni i tO Mr JiUllCS BOStlC plCSiuGfll Of 

pries of the shsres. Jveco Trucks of North America. 

— ■ - — j The company which is owned 

„ . , „ I bv Fiat sold 2.500 vehicles in 

O Th« Financial Times Ltd. 1902. Rjproduttien in whnio . .l,* ttc in 107S and evnpcts a 
or m pan m nny. form not perm. tied wftoui wntrw 1 U.S. Ul I81&. and expects a 

-coAMnt. Det» ttuooiisd-bv datastream inierr.fliianai. 1 nO per cent increase this jear 


and another 50 per cent jump in 
198 3. 

Iveco’s fortunes in the U.S. 
have changed for the better 
since it concentrated mainly on 
selling diesel engined chassis 
cabs— the Z van — to which 
American companies add their 
pvm van bodies. 

Iveco of North America will 
be profitable this year despite 
the financial collapse of its big- 
gest customer the Jartran 
leasing organisation. 


DAEWOO CORPORATION 


U.S. $20,000,000 

MULTICURRENCY LETTER OF CREDIT 
AND REFINANCING FACILITY 


MANAGED BY 

STATE BANK OF INDIA 


AND 

• PROVIDED BY 
STATE BANK OF INDIA 


ARAB BANKING CORPORATION (ABC) 

ARAB BANK FOR INVESTMENT AND FOREIGN TRADE 
(ARBIFT), Abu Dhabi 

BANK OF BARODA 
(OffshOEft .Banking Unit, Bahrain) 

LIBYAN ARAB FOREIGN BANK, TRIPOLI 

UNION DE BANQUES ARABES ET FRANCAISES — U-BjUS*. 
(Bahrain Branch) 

Agent and Issuing Bank 
STATE BANK OF INDIA 


APRIL 19S2 


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THE KINGDOM OF DENMARK 


US$100,000,000 

Floating Rate Notes due 1992 

in accordance witfi the provisions of the Notes and the Agent Bank 
Agreement between The Kingdom of Denmark and Citibank, N.A.. 
cared February J2, )982, notice is hereby given that the Race of 
interest has been fixed at llft% pa and that the interest payable 
on the relevant interest Payment Date. February 25, 1983, against 
Coupon No, 2 will be US5590.97. 


By: Citibank. N A., London, Agent Bank 
August 25. 1982 


CITIBANiO 


US$7,000,000.00 
MBI INTERNATIONAL NV 

Guaranteed Floating Sate Notes 19S6 
for the 6 months 26/8/82 to 28/2/83 

The notes will carry an interest rate of 11 \% 
per annum. Coupon value U.S.$613.54. 

Listed on The Stock Exchange, London 

A pent Bank: National Westminster Bank PX.C., London 


Companies and Markets 


Financial Times Wednesday August 25 .1982 

INTERNATIONAL COMPANIES and FINANCE 


“ -4 
\ 


Downturn at 

Mitsubishi 

Australia 


By Lachlan Drummond in Sydney 


NET PROFITS at Mitsubishi 
Motors Australia dropped from 
A$4.48m. to A$1.15m 
(US$1.12m) in the half year to 
June despite the Japanese' 
owned company taking a larger 
share of an extended market. 
Sales grew by 20.6 per cent 
from A$235m to A$2S4m on the 
back of increased deliveries, but 
the benefits were outweigh ted 
by rises in labour, component 
and production costs, higher 
interest charges, and increased 
amortisation provisions flowing 
from the introduction of tooling 
Cor new car models. 

The company's registrations 
grew by 5.4 per cent to 35.759 
units outstripping the industry 
growth of 4.5 per cent Its 
market share went up from 11.5 
per cent to 11.6 per cent. 

The tax charge was again 
minimal at A$36,000 against 
A$16,000 while depreciation 
charges on plant and machinery 
jumped from A$3.99m' to 
A$6.47m as a result of the new 
tooling. 


Hongkong and Shanghai 
Banking raises dividend 


BY OUR HONG KONG CORRESPONDENT 


THE Hongkong and Shanghai 
Banking Corporation (HSBC) 
reports an 1S.1 per cent rise in 
attribuable profits — after tax 
and undisclosed transfers to 
inner reserves — to HKS S15ra 
(US$ 135m) for the first half 
of 1982. 

The bank, whose subsidiaries 
now include the 53 per cent 
owned Marine Midland of the 
U.5.. said net profit for the 
group rose to HK$ 1.031 bn, 
against HKS 891m. Of this 
HKS 216m was attributable to 
minority shareholders of Marine 
Midland and the Hong Kong- 
hased Hang Seng Bank. 

The interim dividend is 18 
cents per share, against 15.5 
cents adjusting for an earlier 


one-for-three scrip issue. Earn- 
ings per share, on the same 
basis, rose to 39 cents from 35 
cents. 

Mr Michael Sandberg, pie 
chairman, said the banking 
industry was faced with many 
difficulties and the second half 
would not he easy. But, he 
remained confident of being 
able to recommend a final divi- 
dend of 37 cents per share. ■ 

During the period HSBC's 
gross assets increased to 
HK$32922bn compared with an 
audited level of HKS304.21bn 
in December last year. Share- 
holders funds, meanwhile, 
rose from HK$14.06bn to 
HK$14.56bn. 


Despite its growing role inter- 
nationally, roughly SO per cent 
of earnings' still come from 
Hong Kong. Proceeds from last 
year's HK$2bn rights issue also 
had an impact. Last year's 
interim figures reflected less 
than two month's worth of 
investment income from the first 
HKSlbu tranche, - whereas earn- 
ings this year take account of 
the entire amount for the fuii 
period. 

A slower pace of economic 
growth in Hong Kong, has led 
to a slackening in demand for 
loans. Particularly badly hit, 
it is estimated, were profits from 
HSBC's wholly-owned corporate 
finance subsidiary, Wardley. 


Fuji Bank buystnit 
Klcinwort Benson 


joint venture 




Bt RICHARD C. HANSON W TOKYO 


Uranium operations boost Ampol 


BY OUR SYDNEY CORRESPONDENT 



Johannesburg 


Consolidated 
Investment 


Company, Limited 


(Incorporated tn the Republic of South Africa) 


UNAUDITED PROVISIONAL CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 30th JUNE 1982 


CONSOLIDATED INCOME STATEMENT 


Profit before taxation 

Taxation 


1982 

Em's 


1981 

Km's 


Profit after taxation 

Outside shareholders’ portion of profit 


Consolidated profit 
Derived from: 


Income from investments ......... 

Profits of operating subsidiaries 

Other net revenue 

Preference dividends 


Profit attributable to ordinary shareholders 

Extraordinary item — excess of purchase price 
over net assets acquired 


Profit attributable to ordinary shareholders after 

extraordinary item 

Retained profit at beginning of year 


Distributable profit 

Ordinary dividends 

Interim of I30c (1981 — 130c) 
Final of 470c (19S1 — 470c) 


Transfer to (from) non-distributable reserves ... 


Retained profit at end of year 


CONSOLIDATED BALANCE SHEET 

Investments — at cost less provisions 

(market value or directors’ valuation — R562.4m 
(I9S1 — R645.5m) 1 

Loans : 

Marketable properties and mining prospects 

Fixed assets 

Afuiing assets 

Net current assets (liabilities) 

Current assets 

Current liabilities 


109.5 

128.8 

24.8 

13.8 

94.7 

115.0 

02 

9.6 

94.5 

105.4 

64.7 

] ' | 7^2 

32.8 

I 17.1 

7.0 

1 1 16.1 

8.4 

7.4 

86.1 

9S.0 

0.5 

51.4 

85.6 

46.8 

198.0 

182.1 

283.6 

22S.7 

43.8 

42.8 

I 331 

i I 972 

1 34.3 | 

1 33.6 

239.8 

185.9 

11.1 

(12.1) 

228.7 

198.0 

218.9 

179.1 

56.6 

33.4 

25.4 

11.0 

131.1 

S5.4 

592 

39.7 

(4.0) 

39.7 

255.4 

J 494.2 

260.0 

1 454.5 


476.6 


388.3 


Financed by: 

Ordinary shareholders’ interest 

Preference share capital and share premium ... 
Outside shareholders' interests in subsidiaries 

Deferred taxation 

Long-term liabilities 



251.7 

80.0 

5.7 

11.5 

39.4 


476.6 


3SS.3 


Total number of ordinary shares issued 

Equity earnings excluding the net amount of 
surplus on realisation of investments and 
other assets less provisions and before 

extraordinary item 

—per share 

Ordinary dividends per share 

Net asset value per ordinary share at 30th June 
based on market value or directors’ valuation 
of investments and properties 


7,299,600 


7,150,000 


R 86.1m 
1,190c 
600c 


R97.Sm 

1,373c 

600c 


R102 


R122 


2 . 


3. 


NOTES: 

1 . Profit attributable to ordinary shareholders of RS6.ini was 12.1 per cent lower than 
that for the previous year. 

A final dividend of 470c has been declared to make a total for the year of 600c per 
share, which is the same as last year. 

In terms of the provisions of the share incentive scheme, 149,600 shares were allocated 
during the year tn senior members of the stall. 

In calculating the net asset- value per share the excess of directors' valuation of 
subsidiary companies over the net book value has been included. 

On behalf of the board 
G. H. Waddell 1 * 

F. J. L. Wells \ Erector* 


4. 


DIVIDEND NO. 113 

A final dividend (No. 113) of 470 cents per share In the currency of the "Republic of 
South Africa has been declared payable to holders of ordinary shares in respect of the 
year ended 30Ui June. 19S2. 

Last date for registration 24th September, 1983 

Registers close (dates inclusive) from 25th September, 1982 

to 1st October, I9S2 

Currency conversion date (for payments from London) 11th October, 1982 

Date of Payment 25th October, 18S2 

The dividend is declared subject to the customary conditions which can be inspected at 
or obtained from the company's Johannesburg office, the office of the Loudon Secretaries 
(Bamsto Brothers Limited of 99. Bishopsgate, London EC2M 3XE) or the London Bearer 
Reception Office (40 Holborn Viaduct, London EC1P 1AJ). Holders of share warrants to 
bearer should present Coupon No. 123 to the Loudon Bearer Reception Office. 

South African Non-Resident Shareholders' Tax at the rate of 13.25% and tBatted Kingdom 
Income Ihx will be deducted from the dividend where applicable. 

By order of the board 
M. J. Meyer 
Secretary 

Head Office and Registered Office: 

Consolidated Building 
Cor. Fox and Harrison Streets 
Johannesburg 2001 
(P.0. Box 590 
Johannesburg 2000) 

24th August, 1982 



AMPOL. the only Australian- 
owned petrol group, posted 
record net profits oE A$43.46m 
(US$ 42.5m) -in the year to 
June as refining and market 
operations took a back seat to 
uranium and other interests. 
For the previous nine month 
period to June 1981 Ampol's 
profits were AS32.48m. 

The contribution from refin- 
ing and marketing was about 
60 per cent of profits in 1981-82 
compared with 70 per cent pre- 
viously, with the refining side 
having a record year while the 
marketing operation turned 


lower on squeezed margins. 

Uranium operations, through 
Ampol's shared ownership of 
the Nabariek project with 
Pioneer Concrete Services— 
which in turn controls Ampol — 
contributed 21 per cent of net 
profits compared with 16-7 per 
cent in. the previous nine 
months. 

This points to a profit con- 
tribution of AS9.2m compared 
with AS5.46m last time and a 
total annual profit from 
Nabariek of AS 18.4m after tax. 

Ampol’s sales were AS848.12 
for the year compared with 


AS599m for the previous nine 
months. Turnover is expected, 
to reach ASlbn this year. 

Ampol Exploration chipped 
in 10 per cent of overall group 
earnings. The 49 per cent 
owned exploration and produc- 
tion offshoot boosted its profit 
from A$I0.48m in the nine 
months of last year to A? 19.45m 
for the year to June 30. 

Ampol has declared a final 
dividend of 3.75 cents a share 
or an annual total of 7.5 cents 
compared with the 5.625 cents 
paid for the previous- nine 
months. 


FUJI BANK, one of Japan's 
leading city basks, is arranging 
to acquire oil the capital of - its 
London based finance subsi- 
diary, - Fuji Inaernatibnal 
Finance, a joint venture with 
the merchant bank Klemwort 
Benson. 

NegotiatiMB are in the-flnal 
stages for Fuji to buy Klejn- 
worPs remaining 30 per cent 
share in FIF, which began »* 
5(W30 venture in 1973. - Fuji.' 
which has been given .the go . 
ahead by the Japanese authori- 
ties, intends to strengthen FIF 
by -raising its capital, currently . 
£15m, to about £3m. 

For both partners, FIF has 
lost mucb of its original 
attractiveness as a joint ven- 
ture. In the early 1970s, Fuji, 
along with several other -Japan-, 
ese commercial banks, formed 
a ■ number of links with , mer- 
chant banks in Euoppe, with 
each' partner seeking a helping 
hand into the other’s, home 
market, in the form of joint 
ventures. . ‘ 

For the Japanese banks the 
early advantages were two- fold. 
In the first place, the Ministry 
of Finance had refused to allow 
banks to establish 100 per cent 
owned overseas subsidiaries 
involved , in the securities busi- 
ness. This reflected the legal 
wall between securities com- 
panies and banks at home. In ■ 
addition, most Japanese banks 
simply lacked the experience to_ 
go it alone in the London . 
market ’ 



• ; For SQeiawotf, and' other 
■Western. merchant M»ks..a tie 
- up with a Japanese bank mowrt 
better access td- ” 
market--,' - Bdicii : 

. have . become* Is* 

: over rite yeax* There art in- 
deed a^antoges ^o. iwt being 
too closely ti&T to toy single 
banking group. -Both.: panties' 
emphasise: that the break-up of 
the joint venture does wit re- 
flect any weakening^ flriecufly 
relations. 

. For its .-part, Fujiis now veil 
established , in. '-the -.'London, 
market and Klemwort has .long 
since ceased, to have a -direct 
participation- In .ioahaging FIF 
although it: -is represented on 
the .board. • beveral yearn ago, 
the Kleinwort Benson was 
dropped from the . company’s 
name. Of more ' importance, 
however, there has been' a 
gradual relaxation in the owner- 
ship of foreign asset rides by 
the authorities in' Japan. . *’ 

. - Last year, the Finance Minis- 
try allowed Sumitomo rBarik to 
be the first to take up 100 per 
cent of the Shares in its under- 
writing j«at venture, then 
known as Sumltomo-WhiteweTd.. 
In ■ addition the • subsidiaries 
have gradually ; been able to 
expand their activities. 

The bank’s subsidiaries are 
stil dislcouraged' from talcing 
lead position*-in public Euro- 
bond issues; They: are, however, 
active in managing private 
placements. - " * .• 


Swiss watch 
group plans 
job cuts 


By John Wicks in Zurich 


OVER 500 further jobs are to 
be scrapped by Asuag, Switzer- 
land’s leading watch industry 
group. The move, which affects 
components production in the 
group’s Ebauches division, is 
over and above a move 
announced this March to phase 
out 1.300 jobs. 

As many a s 350 of the new 
redundancies wiH.be accounted 
For by the granting of early 
pensions in Ebauches plants in 
the Grerchen area and in 
western Switzerland. Of the 
remainder, a total of between 
130 and 150 employees at two 
movement factories will have 
to find work elsewhere. 

In a letter to shareholders In 
June, Asuag said that there had 
not been the improvement in 
the watch market expected last 
autumn. Profits were said to 
have been seriously affected in 
the components divisions. 

In the first four month of 
1982, sales of the Ebauches 
division had dropped by nearly 
40 per cent over the correspond- 
ing period of the previous year 
to SwFr 159.4m ($77m) out of 
a group total for the period of 
SwFr 420.9m. 

Last week, SSIH, Switzer- 
land’s other major watchmaker, 
announced big lay-offs under 
plans to accelerate its 1982 
programme of labour reduc- 
tions. 


AMIC payout below expectations 


BY OUR JOHANNESBURG CORRESPONDENT 


ANGLO AMERICAN Industrial 
Corporation, the industrial arm 
of the South African mining 
group Anglo American, did not 
come up to expectations in the 
six months to June. When 
AMIC was merged with De 
Beers Industrial at the start of 
this year it was said that though 
earnings per share would be 
slightly diluted the dividend 
would increase at least in line 
with inflation. As it is. the 
merged company has produced 
fir&t-half earnings of 232.4 cents 
a share against -305.8 cents in 
the first half of 1981 and the 
interim dividend has been in- 
creased to only 55 cents from 
50 cents: 

Though first-half trading 
profit rose by 36.3 per cent to 
R151.6m (S133ra), if the new 
subsidiaries — Highveld Steel 
and Vanadium and Natal Tan- 


ning Extract Company— ore 
excluded trading profit was 
4.2 per cent lower. 

Attributable profits were 
further affected by higher In- 
terest and tax. The company 
is not optimistic on prospects 
for the rest of the year. Profits 
of AMICs subsidiaries and 
associates arc , expected gene- 
rally to be lower than last year 
although this is not expected to 
prevent a higher final dividend 
from being declared. Last year's 
final payment was 115 cents. 

6 TRUST RANK. South Africa’s 
fifth largest commercial bank, 
increased profits after tax and 
transfers to hidden reserves by 
19.4 per rent in the year to' 
June to R30.1m (326.4m). 

Sustained pressure on profit 
margins was experienced 
because of a sharp rise in the 
cost of funds and increased 


lending rates could not compen- 
sate entirely. 

The bank*s : portfolio continues 
to exercise a negative influence 
on profits despite a buoyant 
property market in the year. 
However, the bank soUd several 
properties at acceptable prices 
.and increased rental income. 

Group assets increased to 
R3.3bn from slightly more than 
R2.5bn while advances rose to 
Rl.D2bn from R98LOOO. ' • 

Attributable earnings per 
share rose tri 47.98 cents from 
41.21 cents. An ordinary divi- 
dend has not been declared 
though the bank reaffirms its 
intention of resuming dividends 
in 1985. By that stage the bank's 
preference shares will have 
been converted into ordinaries 
and reserves should be strong 
enough not to require full re- 
tention of earnings. 


Profit trend 
weakens at 
Ruetgerswerke 

By Our financial Staff 


Sobering lifts interim sales 


BY LESLIE COLITT IN BERLIN 


SCHERING, the West German 
pharmaceuticals and chemicals 
group, said sales in the first 
half of this year rose 6.8 per 
cent to DM l-86bn ($750m). 
Profits, while undisclosed, were 
said to be at the level of the 
same period In 1981. 

Group profits for the whole of 
last year were DM 100m, com- 
pared with DM 78m. 

Schering expects a rise in 


turnover for the rest of this 
year matching that of the first 
six months. Profits, it said, 
would thus be “ satisfactory." 

The company said its had com- 
pleted the sale of its sub- 
sidiary, Isar-Rakoll-Chemie and 
negotiations are under way for 
the sale of two other sub- 
sidiaries. Lechler Chemie and 
Hamm-Chemie. Schering- intends 
to concentrate resources in its 


traditional area and in the 
newly-founded fine chemicals 
division.' 

The company noted it had not 
expected its growth rate this 
year to match last year's,- but 
that in the light of ‘the con- 
tinued weakness of domestic and 
U.S. markets it regarded the 
results as adequate. . 

Parent company's sales abroad 
rose 12.8 per cent to DM 678m, 1 


FIRST-HALF sales at Ruetgers- 
werke. . the ’.West German 
chemical and' sealant producer, 
totalled DMl.l&bs (30.48m), 
topping the corresponding 19 81 
level by 3 per cent. However, 
order inflow as weli as earnings 
fell behind the:pace of the first 
half of last year. 

. Looking_abead, the company 
does not expect a fundamental 
and. lasting recovery in key 
markets, in the current half. It 
rules out any second-half im- 
provement in the highway and 
building businesses, adding 
that the outlook is ajso poor for 
products used- •, in non-ferrous 
metals production and in the 
, iron and steel industries. 

The company attributes Its 
sales rise to * price increases 
initiated to cover. rising costs 
as well as to a shift to higher 
quality 'products. Volume 
deliveries "just about matched" 
corresponding 1981 levels when 
adjusted for inflation. - 

The ‘decline in first-half t 
order inflow is blamed. on weak . 
demand from public highway 
and road authorities - a* well as 
recessionary effects on chemical 
feedstock customers. Orders for 
building materials, plastics and 
plastic parts for automobiles 
and electronic equipment im- 
proved. 

First-half earnings were 
depressed compared to I98X 
levels by rising costs and un- 
favourable winter weather as 
well, as by weak demand. 


INTERNATIONAL APPOINTMENTS 


Vice president for ITT 


Mr Harold W. Miller ba s been 
elected rice president of INTER- 
NATIONAL TELEPHONE AND 
TELEGRAPH CORP. In addition 
to his election as corporate rice 
president, Mr Miller, who 
previously served as group 
general manager of the tele- 
communications systems group, 
has been named group executive 
ITT Telecommunications — North 
America. Headquarters for tins 
newly formed group will be at 
ITT facilities in Raleigh, North 
Carolina, 

Mr Jan Beckman has been 
appointed marketing director for 
GENERAL ELECTRIC COM- 
PANY of the U.S. European 
electronics operations, Dundalk, 
Ireland. 

41 C-E LUMMUS, a unit of 
Combustion Epgineering, Inc^ 
has appointed Mr Richard L. 
Akin as manager of oil and gas 
sales for the western hemi- 
sphere. He will have overall 
sales and co-ordination respon- 
sibility with &E Crest and other 
business units for oil and gas 
production projects. He will 
continue t<r be based at C-E 
Lam mus’ Houston division- Mr 
Akin joined Luinmus is 1977 as 
Business Development Manager, 
Southwest U.S. Sales in Houston. 
• Ricardo R. Alvarado, a public 
affairs representative in Wash- 
ington, D.C., has been elected 

vice president, government 

relations of THE SIGNAL 
COMPANIES, INC. Mr Alvarado 
joined Signal’s Washington, D.C. 
office on August 1 and wHl 
replace Mr frank P. Sanders, 
rice president, who will retire 
this year. Mr Alvara do w as 
corporate director, government 
affairs for Lockheed Corp. In 
Washington, D.C. 

Wiliam B. Pardne bas been 
elecred to the newly-created 
position of executive rice- ' 
president of AMERICAN 
GENERAL CORP. He will be 
responsible for adntittistratlve 
operations of American General 
Corporation, the parent company 
of the American General group . 
of . financial service companies. 
Mr Robert O. Purclfull is 
succeeding Mr Pardue as 
president and chief executive 
officer of the American General 
Life Insurance Company. 


Mr Pardue, who joined the 
American General group in 1068 
has been serving as president of 
American General Life Insur- 
ance Company since March 1980 
Mr Purclfull, the new presi- 
dent of American General Life 
Insurance Company, joined 
American Genera/ in May 1S81 
as a senior vice-president in tbe 
life division of tbe parent 
company. 

0 WARNER-LAMBERT has 
elected three corporate vice 
presidents: Mr Gustavo J. 
Flgueiredo. who continues- as 
president, Asia/ Australia in tbe 
international operations . group: 
Mr Fred G. Weiss, who continues 
as corporate treasurer, and Mr 
Stephen A- Wllgar. who Is presi- 
dent, Canada/Latin America in 
the international operations 
group. 

0 DAIMLER-BENZ AG has made 
changes m its U.S. trade mam* 
factoring subsidiaries from 
November 15: Mr Peter E. Rupp, 
president of EucJJd, Inc. Cleve- 
land. has been named vice- 
chairman and president of 
Freightiiuer Corp. and °f 
Mercedes-Benz Truck, both 
located in Portland, Oregon. Mr 
Rupp succeeds Mr Ronald E- 
Burbank, president and chief 
executive officer of Freightliner 
Corp- and Mercedes-Benz Truck 
who will relinquish all duties 
associated with those companies 
on November 15; 

Mr Juergen E. Schrempp, a 
member of the beard of manage- 
ment of UCDD (Pty.), an affi- 
liated company of Daimler-Benz 
in South Africa, will succeed Mr 
Rupp as president of Euclid. 

Mr Rupp remains vice Chair- 
man of Euclid and chairman of 
the Euclid executive committee. 

0 Mr David 1IL Hall has been 
appointed managing director of 
VTSIONTORE (PTY), Electronic 
Rentals Group's Australian sub- 
sidiary. Mr Adrian Thompson 
has replaced Mr Hall as group 
treasurer. 

0 Mr Gny F. Sarasin has been 
apointed vice-chairman of the 
board of BALOISE HOLDING, 
the parent company of the 
B&loise insurance group of Basle. 
Dr Franz Luetolf and Mr Josef 
Znmsteln have joined the board. 


This announcement appears as a matter of record onijc 



sea containers 


Sea Containers lid. 

$200,000,000 

Revolving Credit Facility 


Airaagedby 

The First National Bank of Boston 


Bank of Montreal 


Funds provided by 

Chemical .Bank 


Continental Illinois National Bank 
and Trust Com pany of Chicago 


First Interstate Bankof California 
National BankofNorth America 

National City Bank 

Agent 


Deutsche'BankAktiengesellschaft 
The First National Bankof Boston 


“ Manufacturers Hanover ‘ 
Trust Company 



THE FIRST NATIONAL BANK OF BOSTON 

BANKOF BOSTON 

JIHY1982 


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Fbaocia] Himes Wednesday -August 2o . i9S2 

SSE&, INTL: COMPANIES & FINANCE 


Boost for the Bahrain Diplomat 


BY MARY FRINGS IN BAHRAtM 


A KUWAITI investment group 
has acquired a controlling in* 
teres* in Bahrain's National 
Hotels Company, which owns 
the 280-room Diplomat The 
hotel is managed by Trusthouse 
Forte, the irrepressible 73-year- 
: ^old chairman of . which Lord 
. Forte, was present at the long-- 
'-delayed ceremonial opening in 
''•February, accompanied by a 
" Palm Court orchestra, a pair of 
.rather fresh-faced “Beefeaters” 
■and a mock-up of the British 
Crown Jewels. 

:• . Lord 'Forte would have 
approved of the panache -with 
winch Abdul Wahab Ai Tanjmar 
and his delegation from Kuwait 
'Foreign Trading. Contracting 
. and Investment Company 
"(KFTCIC) set the seal on their 
r .$18.5m . injection of capital. 
They flew in by private jet to 
'a late-night shareholders' 
assembly, attended a board 

- meeting on which they now hold 
four of the nine seats, and left 

- 'after midnight, just as cannon- 
fire signalled the rising of the 
hew moon and the end of the 
fasting month of Ramadan. The 
Diplomat faces the future, if 
not free of debt, at least with a 
li ghter load. 

KFTCIC h as been involved 
with the National Hotels Com- 
pany since 1978, when it nego- 
1 dated a rescue package of 
□early $30m in medium- and 
long-term loans, and took up a 
$3in issue of new shares after 
the market failed to respond. 
The lack of enthusiasm on the 

- part of local investors was ■ 
understandable. Hyundai, the 
South Korean contractors, had 
walked off the Diplomat site 
months earlier, leaving the 
building only 40 per cent com- 
plete; the gaunt steel skeleton 
stood as a monument to the 
risks of trying to build a 840m 
project on equity capital of 
under SSm. and - the existing 
shares were ■ being quoted at 


only half their par value. 

The second restructuring of 
the Bahraini public joint stock 
company, to boost its capita 1 ! 
from $l4.5m to $37m, and to 
permit KFTCIC to increase its 
stake from 22.5 per cent to 58.5 
per cent required the approval 
of. ' the Cabinet^ which was 
granted in March. At the same 
time, the Government agreed to 
pur in an extra 82.25m to main- 
tain its own shareholding at 10 
per cent, while the founding 
chairman, Ahmed Abdulrahman 
Al-Zayni (who is to continue in 
office , despite the Kuwaiti 


the rights issue by public sub- 
scribers. This amounted to only 
10,810 shares worth a total of 
$28,000 a* par, but in the words 
of, the NBC -.general : manager,. 
.Abdul Rahman Morshed; “We 
were expecting nothing at all." 
Immediately before the new 
issue, NHC shares were trading 
at 10 per cent below par. 

While- much has been made 
of the “ brotherly support ” for 
Bahrain from fl fellow-member 
of the Guf Co-op eratio n Council, 
the chairman of KFTCIC is too 
shrewd da investor to - put 
politics before commercial 


The Diplomat Hotel in Bahrain is being developed as 
a luxury hotel, under the management of Trust House" 
Forte of the UK. Past vicissitudes of the owners. 
Bahrain’s National Hotels Company, have been 
lightened by the taking up of a controlling interest by 
a Kuwait investment group. Cannon-fire, the rising 
of the new moon and the ending of the fasting month 
of Ramadan ushered in the new regime 


majority - ) added another $1.3m. 

Mr Zayani, a prominent 
Bahraini merchant, . whose 
family also runs the well-estab- 
hsbed Delmoo Hotel in the 
heart of the business district, 
is known to have been in the 
market for the company’s shares 
when prices were at their lowest 
ebb, and the new purchase 
probably brings his holding to 
more than $4m. Kuwaiti faith 
in the long-term prospects of 
National Hotels Company also 
brought in some small addi- 
tional-funds; $260,000 from 
Bahrain's Civil- Sendee pension 
fund. $200,000 from • the 
National Import and Export 
Company, and $26,000 from the 
Bahrain Insurance Company. 
Perhaps -the most encouraging 
sign -of returning' confidence 
was the extent of taking up of 


sense. The feeling is strong in 
business - circles that if: the 
Kuwaities think a project is 
worth backing, it will make 
money, though the immediate 
prospects may seem otherwise 

In competition with Bahrain’s 
two other new luxury hotels, 
the THF Diplomat has so far 
proved to he an “ also ran.” 
The Sheraton and the Regency 
Inter-Continental are both 
closer to the city centre and 
enjoy the cream of the VIP 
market Official Government 
guests usually stay in . the' 
Regency, in which the Prime 
Minister’s sod. Shaikh AI3 bin 
Khalifa AI Khalifa, is a . major 
shareholder, while the military 
use the Sberaton, which is 
owned by the Heirs of the Amir. 

In June, the Diplomat was 


■ less than a third full and the 
THF manager, Pierre Vacher. 
projects an overall occupancy 
for 1982 of 40 pea: cent His 
target' for the- second year of 
operation is 55 per cent, and 
efforts — appreciably more inten- 
sive than in tbe run-up to the 
“soft" opening last December 
— are being made to project the 
hotel's image and increase its 
market share. 

Despite the increase in. 

• capital, which will enable 

National Hotels- Company to 
pay off the KD 4.5m f$!6m). 
. medi um-term loan provided by 
KFTCIC,. Gulf International 

Bank' end a group of Kuwaiti 
financial institutions, as well as 
to bring its other interest pay- 
ments up to date, it is going to 
be an uphill struggle towards 
break-even point. Somehow, 
the company must service the 
remaining 10-year loans, at a 
cost next year of some $1.3m. 

THF came on the scene as far 
back as 1975. when a contract 
was' signed with National 
Hotels Company to manage 
both the Diplomat and a more'j 
modest businessman's hotel, the 
AI Jazira. - ; The . site for the 
major project had just been 
reclaimed from the sea, and 
was the government's contribu- 
tion in kind to the company's 
capital. Contraction of the 16- 
storey hotel was to drag on for 
six years, and in the process 
many of the more luxurious 
amenities were relegated to 
phase-two. 

. At the Diplomat opening in"| 
February, a confident Lord 
Forte praised the beauties of 
Bahrain, the fortitude of the 
hotel’s owners and the splendid 
choice of site. Only the Prime 
Minister hinted at past vicissi- 
tudes when he paused in front 
of a journalist to remark: 11 This 
time you are going to write 
something good” 



. Interim Report and Declaration of Dividend 


The following are the unaudited consolidated results' for 
the half-year ended 30th June 1982 together with the 
comparative figures for the half-year ended 30th June 1981, 
and for the year ended 31st December 1981. 



Half-year 

Half-year 

Year 


ended 

ended 

ended 


30.6.82 

30.6.S1 

31.12.81 


S millions 

R millions 

R millions 

Diamond account 

108.5 

201.4 

-- : 360.3 

Investment Income" 

91.3 

104.5 

179.6 

Other interest 

Share of retained profits 

23JJ 

36.0 

62.7 

after tax of associated 


' 53 2- - 

' : 264:5 

companies ........ — 

Net surplus ea realisa- 

I52J3 

-tkm of invesnneots 


0.6 

3.1 

Surplus on realisation of 

.12 


0.1 

fixed assets 



376JS 

395.7 

870.3 


Prospecting and research 

General charges 

Interest payable 

Amount written off fixed 
assets. 


255 

7.0 

48.6 



27.1 


62.5 

8.5 


153 

13.4 


• 38.3 

— 


0.4 


49.0 


346.7 


nfi-5 

753.8 


i 

ft 


Tax 

State's share of profit 
under mining leases .. 


Profit after tax — 

Profit attributable to out- 
side shareholders in 

subsidiaries 

Dividends on preference 
shares 


Net profit attributable to 
deferred - shareholders 


37-8 1 

75.7 

97.3 

- j 

v- 5:4 

3.8 



■t •- 

before extraordinary 




items — - 

Share of extraordinary 

253.1 . 

254.0 - 


losses of associated 

- 



companies - 

14-0 


;*■ ' 


239.1 

-254.0 

i-f 

Dividends on deferred 

. 45.0 : 

•89.9 

• 

shares 

'»# 

Retained profit 

194.1 . 

164.1 


Earnings per deferred 
. share . before extra- 

. TO^Sc- 

70.6c 

■.j.. 



Dividends per deferred 



•a 4 

share : 

Interhn 

124e. 

25c . 


628.3 



448.4 


;v 
• % 


H 

■ri 


£3- 

* V 


25c 

« max — 

Notes: ' • 

1, In comparing investment income and the share of 
- retajped profits of associated c&ripames b T e .^ 0 .^ 

' “toStbat De Beers Industrial Corporation Lmited 
' ceased- to be a subsidiary following its merger on 1-st 
January J982 with - Anglo American Industrial Corpora- 


tion Limited, which became a 25 per cent owned asso- 
ciate of De Beers on that date. In order therefore to 
facilitate the comparison of the Group's results, the 
Group's share of the retained profits of its associated 
companies is now grouped with investment income and 
other interest. 

2. It should not be assumed that tbe resulis for the half- 
year ended 30th June will be repeated in- the half-year 
ending 31st December, since income does not necessarily 
accrue evenly throughout' the year. 

COMMENT 

Sales by the Central Selling Organisation (CSO) of the 
smaller sites and hxwer qualities of rough diamonds have 
wmtinubd at satisfactory levels; consistent with continued 
demand at the retail level, but there has as yet been no 
improvement in sales of larger sizes and better qualities. 
The CSO has therefore continued its policy of withholding 
. from sale those qualities that are not in immediate demand 
.and producers are operating on the quota system. 

Stocks and bank credit in tbe cutting centres have con- 
tinued to fall and shortages have begun to appear in 
certain categories of rough so that a sound basis exists 
for an improvement in CSO sales as general worldwide 
economic conditions improve. 

Stocks held by the CSO are expected to rise this year by 
some US$300 million t though the increase in Rand will 
be higher if the Rand/Dollar exchange rate remains 
lower than it was at the end of 19S1). At 30th June 1982 
short and medium term borrowings were R531 million and 
other net current assets RS2l nrillkm, compared with 
R349 million and R263 million respectively at 31st Decem- 
ber 2981. Long feral borrowings were R59 milljon at 30th 
June 1932 compared with R64 million at 31st December 

1981. Such borrowings are low in relation to the overalF 
assets of the Group including the substantial investments 
outside the diamond business valued at some R2.400 million 
at 20th August 1982. The Group has bank facilities sufficient 
for its foreseeable needs. 

INTERIM DIVIDEND 

Declaration of Dividend No. 125 on the Deferred Shares 
An interim dividend in respect of the year ending 31st 
December 1982 being dividend No. 125 of 12.5 cents pec 
share (1981: 25 cents) has been declared payable to the 
holders of deferred shares registered in the books of the 
Company at the close of business on 24th September 1982 
and to persons presenting coupon No. 69 detached from 
deferred share warrants to bearer. 

A. notice regarding payment of dividends on coupon No. 69 
detached from share warrants to bearer, will be published 
in the press by the London Secretaries of the Company on 
or about 17th September 3982. 

The deferred share transfer registers and registers of 
members will be closed from 25th September 1982 to 8th 
October 1982 both days inclusive, and warrants will be 
posted from tbe Johannesburg and United Kingdom transfer 
offices on or about 4th November 1982. Registered share- 
holders paid from the United Kingdom will receive the 
United Kingdom currency equivalent on 27th September 
1982 of the rand value of their dividends (less appropriate 
taxes). Any such shareholders may. however, elect to be 
paid in South African currency, provided that the request 
is received at the Company’s transfer offices in Johannes- 
burg or the United Kingdom on or before 24th September 

1982. - ■ ■ - . 

The ' effective rate of non-resident shareholders’ tax is 
1L001 per cent. 

The dividend is payable subject to conditions which can be 
. inspected at' the head office and London office of the Com- 
pany- and' also at the Company's transfer offices in Johannes- 
burg and the United Kingdom. 

For and on behalf of the board 
H. F. OPPENHEIMER) 

PHILIP OPPENHEIMER I 

25ik August 1982 


Directors 


■ Copies of this report writ be posted to off registered shareholders 



l r ' ' 

«. -I 

ri - 


i * 

•i.i 

< -v 

n 

I* 

ria&u* 

fc****.-"*: 


H?ad Office: 36 Stoclcdale Street, KnnWey, SoutliAfiica, 

London Secretaries*. Anglo American Corporation ot Sou tkAfoca Limited, 

40 Holbom Viaduct; LondonEClP 3AJ. 

- Trrjncf^Seo-etariesrQjnsolidat^Sh^RegifitrarsLiniited, 62 Mat^haH Streep Johannesburg, 

(P.O.Box 61051, Marshalltown, 210?) 

Charter Consolidate BLC.J BO. BoxNo. 102, Charter House, ParkStreeti Ashford, Kent TN24 8EQ. 

De Beers Consolidated Mines Limited 

• IncoiporatedmtheRepubHcofSoiithA&'ca 





21 


Newlssua 
August 25,1982 . 


This advertTSement appears 

as a matter of record only. 


ITT Antilles N.V 

Curacao, Netherlands Antilles 

DM100,000,000 

914% Deutsche Mark Bonds of 1982/1992 

uncondrtfonaify and irrevocably guaranteed fay 

International Standard Electric Corporation 
New York New York, U.SJL 


: . Issue Price: 100% 

2 interest 9*/+% p.a, payable arjnuaByonAugnst26 
; Redemption: August 26.1992 
2 Listing: Frankfurt am Main 


Commerzbank 

Aktiangasetlschsjft 

Lehman Brothers Kuhn Loeb 

International, Inc. 


Afgeraene BanfcNpderfand N.VC 
Atlantic Capital 
Corporation 

Banca dal Got ta nto 

Bank ottbkyo International 
Limited 

Banque GAidnle du Luxembourg SA 

Banque Rationale do Pans 

Basque PopuIttlroSubse S.A. Luxembourg 

Bayarische Hypothafcen-und Wachsef-Banfc 

Aktiongesallschaft 

BerOfiai* Bank 

Aktiengesallschaft ’ - ' 

Came des Depots at Consignations 


. County Bank 
Limited 

Credit Lyonnais 
‘ Dai wa Europe Limited 
DG Bank 

Deutsche Genossenschaftsbanlc 
. European Banking Company 

Limited 

HambimBank 

Limited 

Hilt Samuel &CO. 

Limited ' ■ ' 

Klalnwoft, Benson 
Limited . 

Landesbank Rhelnfand-Pffllz 
— Girozentrale ~ 

UCB International 
Limited 

Merck. Rntk&Co. 

Samuel Montagu&Co. 

Limited 

. Morgan Stanley International 
Nomura International Limited 
Orion Royal Bank 
Limited 

J. Henry Schroder VUagg &C0. 
Limited 

Smith Barney, Harris Uphara& Co. 
Incorporated 

Svenska Kandetsbanken 


Deutsche Bank 

Akfinga seflachaf t 
Dresdner Bank 

AktiengeseMschaft 

Swiss Bank Corporation 
International Limited 


Amro fiifematibnaf tirnfted 
Julius Baer International 
Limited 

Bank fOr Gemainwirtscbatt 

AkiierigeseOsdraft - - • •' 

Banquo Bruxelles Lambert SJL 

Banqtte indosnez 

Banque do Neuflbv, Schlumberger, Mallet 

Barclays Merchant Bank 

Limited 

Bayerisefie Landesbank 
Girozentrale 

Berliner Hmidois- und frankfurter Bank 

Chemical Bank International 
Limited 

' Credit Commercial do Ranee 

Credit Suissa First Boston 

Limited 

Del brack & Co. 

Dominion Securities Ames 
Limited 

Girozentrnle and Bank der 
dsterraiehcschen Sparkasseu 
Aktiengeseflschaft 
Handelsbank QLVVL (Overseas) 

Limited 

Industriebank von Japan (Deutschland) 

Aktiengesellschgft 

Krediatbank N.\£ 

Lazard Frbreset CSe 

Ma nufa ct ur ers Hanover 
Limited 

Merrill Lynch International ftCo. 

Morgan Grenfell & Co. 

Limited 

Noderfattcfache MfrfdenstandsbankNAC 
Den noiske Credit bank 
' N, M. Rothschild & Sons 
limited 

SchrSder, MOnch mayor, Hangst ft Co. 
Soci£t6 Gtindrato 
TrinkausABurkhardt 


• Verband Scbweizerischer Kantonalbankon 'fcre'ma- und Wes* bank 

• • Aktiengesellschaft 

i M. M. Wfertmrg-Brinckrnann, Wiitz&Co* - S.& Warburg &Co. Ltd. 

Z ■ Vfood Gundy Limited - 


Lazard Frbres & Co. 

Westdeutsche Landesbank 
GirozentraJe 


Ambolcf end S. Bleichroedar, Inc; 

Banca Commeicfale Itaiiana 

Bank Leu International Ltd. 

Banque Francatso du Cammotee Extfiriear 

Banque Internationale 0 Luxembourg SA 
Banque Paribas 
Baring Brothers & Co v 
limited 

Bayarische Verainsbank 

AktiengeseUschaft 

Bankhaus Gobrflder Bethmann 

Christiania Bank og (Credit kasse 

Credit Industrial «*t C om m er cial 

CreditanstBlt-Bankveiem 

Deutsche Girozentrale 

— Deutsche Kommunalbank— . 
EinomabiCare S.pJL 

Goklniaii Sachs International Corp. 

Hessische Landesbank 

- Girozentrale — 

- Kidder, Peabody international 
Limited 

KradietbankSJk Luxembourg eobo 

Lloyds Bank International 
Limited 

McLeod Young Weir International 
Limited 

B. Metzler seel. Sohn&Co. 

Morgen Guaranty Ltd 

The IWkfco Securities Co., (Europe} Ltd. 

Sal. Oppenheim Ir.SCfe. 

Salomon Brothers International 

Skandinavfalea EnskOda Bardeen 

SocMtd eendrale de Banque S.A. 

Union Bank of Switzerland (Securities) 
Limited 

j. Vontobe! & Co. 

Westfalen bank 

Aktiengesellschaft 

Yamaichi International (Europe) . 

timited 




This advertisement is issued in compliance with the requirements of the Council of The Stock Exchange in London 


EOF 




ELECTRICITE DE FRANCE 

. ' (created by the Nationalisation Law of 8th April 1946) 

Placing on a yield basis of 
£75,000,000 Guaranteed Loan Stock 2008 

/ unconditionally guaranteed, as to payment of principal, premium (if any) and interest by 

The Republic of France 

Interest payable haff-yeariy on 2Sth February and ?Sth August 
The following have agreed to subscribe or procure subscribers for the Stock:- 

Kleinwort, Benson limited .. 

Baring Brothers & Co., Limited County Bank Limited 

Hambros Bank Limited ■ Morgan Grenfell 8i Co. Limited 

J. Henry Schroder Wagg & Co. Limited S. G. Warburg 8i Co. Ltd. 

Societe Generate Bank Limited 

Application has been made to the Council of The Stock Exchange in London for the Stock to be admitted to the 
Official List 

In accordance with the requirements of the Council of The Stock Exchange In London, £7,500,000 nominal 
amount of the Stock will be available to the market on the date of publication of this advertisement The Stock 
is payable as to £20 per cent of the nominal amount bri acceptance and as to the balance of the issue price 
not latertfian 3 p.m.on 24th November 1982. ' 

The coupon end issue price will be determined as provided in the Placing Memorandum, at 3 p.m, today, and 
will be announced later today.. . 

Parfcularsof Electricite de France and the Stock,induding the couporiandissue price, will be avaifabfehomExtel 
Statistical Services Limited on 26th August1982, In the meantime, and up to and including 9th September 1 982, 
particulars may be obtained during- usual business hours on any Weekday (Saturdays and public holidays 
excepted) from>- 

Kleinwortr Benson Limited 
20 Fenehureh Street 
London EC3P 3DB 


W. Greenweil & Co. 
Bow Belfs House 
Bread Street 
London EC4M 9EL 


Phillips & Draw 
Lee House 
London Wall 
London EC2Y5AP 


25fh August 1982 


7 






1 



v»- J " a, . - 


f *4 Si 


Kaandal TSines Wednesd^x August 25 ^2 


•mm « H. |3i#8s£?f3«*ie COMMODITIES AND • AGRICULTURE 


PKF 
mil i 
(£5 l 
a “c 
can 
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Ri?I 
was 
bre; 

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pliei 

wmi 

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resjf 

Hi 


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F.6 n» 
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siren 
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latcsi 
Th 

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sfren 
while 
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they 
had 
Th 
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over 
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(lores 
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In 


ACT! 
|2tter 
xnent 
deiiw 
reces: 
prole 
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grour 
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■Tallin 
; ‘frani. 

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price 
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t’ foreis 

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California 
expects big 
almond crop 

CALIFORNIA! expects another 
large almond crop this year, 
with the California Livestock 
end Crop Reporting Service pre- 
dicting 365m meat-ponnds-^Uje 
third largest ever. This follows 
a record crop in 1981, an 113 
per cent gain- in exports- -and,- a 
21 per cent growth in. U.S. 
domestic consumption of 
almonds In the season to July 
1982. 

Announcing ' the figures, the 
California Almond Growers Ex- 
change said it expected U.S. 
consumption to double within 
the decade to reach one pound 
per head. 

• GOVERNMENT subsidies 
worth -829m to cocoa planters 
fin the past season should allow 
Cameroon to reach its produc- 
tion goal of 139,000 tonnes a 
year by 1986, 2 0.000 up on 
1980/Si. the country’s Economy 
and Planning Minister told in- 
dustry officials yesterday. 

• ZINC production in Europe 
fell to 137,400 tonnes in July 
from 143,200 tonnes in June, 
compared with 151,700 tonnes 
in July 1981, provisional figures 
from the European Zinc Insti- 
tute 6how. July dosing stocks 
of primary -zinc ait smelters 
were unchanged from June’s 
195,200 tonnes and compared' 
with 132,000 in July 1981.- Stock 
figures - exclude {the UK and 
Yugoslavia. 

• AUSTRALIA’S drougbt-bk 
1982-83 wheat crop is likely to 
produce a maximum 10m 
tonnes, Australian Wheat Board 
chairman Sir Leslie Price, said 
yesterday. This compared with 
earlier forecasts of between 
10m and 11m and the 1980-81 
crop of 16.4m. the second largest 
on record. 

• TAIWAN’S first rice crop 
(January to August) exceeded 
1.24m tonnes, up on the tar- 
geted 1.21m tonnes, • the 
Provincial Food Bureau said. 
The target for the second crop 
(September to December) has 
been set at 891.000 tonnes with 
tiie target for the whole year 
set at 2.1m tonnes. 




copper 


BY -O&#40Cl?lB EDITOR - 

BASE METAL maEKte shtfired/. before the end .of ihe year; fee 
increasing signs of nervousness, .improvement would otuy be 
about the ‘'boom M in the stock sustained if there was a signifi- 
markets and - gold yesterday..] cant recovery in consumption. 
After initially moving up, Metal markets, it claimed, 
copper ' came under ‘.selling/ -were now entering a period 
pressure and the= higher: ^ade closely resembling 1976 to 
cash price dosed £14 tower at 1973, wften prices rose strongly 
£856 a tonne. Aluminium, lead,. . only, to fall again. There was a 
nickel, and . rinc also ended possibility that the pre- 
lower. ■ dieted price recovery .would- be 

’ The rise in the value of : shortlived, 
sterling, against the dollar, was The fluctuations in the gold 
the main: depressing influence; market yesterday affected other 
on London market-prices. But -precious metals. The sterling 
traders were also emphasising- price of free market platinum 
that there was no sign yet of any . fell by £2.39 to £l$5-50 a troy 
sustained consumer • demand, ounce, although the dollar 
Indeed copper; was bit by equivalent was only $0.50 down 
reports of the Chinese reselling, at $327. 
to tbe market some of its recent Lonaon bullion spot price 

purchase?. for silver reached the highest 

The ca^i price of nickel came level since February at the 
back heavily following: freer * mom tog fixing, rising by 13.25p 
offerings of nearby supplies,* to 464£5p a troy ounce. But 
attracted at the higher levels, tbe market lost ground in the 
Cash nickel tost £115 to £2.830* afternoon, 
while the three months quota-' Tin was the exception yester- 
tion. was £70 down at £2,777.5. day. Cash tin gained a further 
A timely warning against too £185 to £7,395 a tonne. The 
much euphoria was delivered market was boosted by further 
yesterday- by . Metals and* -support buying believed to be 
Minerals Research Services. The on behalf of the buffer stock of 
company -said that while tbe : the International Tin Council, 
“bear” trend hi metals of the: as well as speculative interest 
past 2} years had. been broken,' encouraged by forecasts of 
with much higher prices likely higher price Jevels, 


Agreement reached 
to cat rubber supply 


Japanese to 
boost metals 
stockpile 

TOKYO — Japan pkss to 

increase its stockpile of 11 
rare metals, including nickel 
and chrome, in a five-year pro- 
ject, beginning nest April, the 
Mpibtiy of Intero a tj o pal Trade 
and- Industry said, yesterday. 

Japan’s present stockpile of 
rare metals is enough for 10 
days’ consumption, but tbe new 
project, if approved by tbe 
Finance Ministry in budgetary 
allocation talks due to start nest 
month, will raise the amount to 
60 days’ supply by the end of 
fiscal year 1987. 

The 11 metals are nickel, 
chrome, tungsten; cobalt, moly- 
bdenum, niobium, manganese, 
palladium, strontium, antimony 
and vanadium. The buying is to 
be undertaken by the semi- 
official Metal Mining Corpora- 
tion. 

The corporation plans to 
borrow Y12.8ton ($50m) each 
year from Japanese commer- 
cial banks to finance the pro- 
ject, while the ministry will pay 
the interest on the borrowings 
and warehouse costs. 

Reuter 


MARKET PROFILE/COFFEE 


Surplus threat builds up 



MT A OOWU5SW5NDB4T 


COFFEE PRICES 

Xondon 2mLPosittou Rrtures 


EEC offers 
aid for India 
tobacco 


KUALA’ LUMPUR — The Ass©-' 
ciation .of Natural Rubber Pro- 
ducing Countries has reached 
agreement in principle on mea- 
sures to hold back 350,000 
■tonnes- uof natural rubber from 
the world market over the 
second half of the year, dele- 
vate sources said. 


holders.' 

. . This week’s meeting followed 
ail. emergency meeting of the 
.association in May. 

Sonne of the measures to cut 
output proposed at -the May 
emergency meeting included 
“tapping holidays," increased 
national stock holding, a ban 


THE FOURTH InternationalT Bar s' Statement’ issued At the • -on the' use of yield stimulants 


Conference on Present and 
Future' Markets for- Copper;' 
organised by Copper Develop- 
ment Association ■ and- -Gom-4 
modi ties Research Unit Limited 
in .conjunction with DeuteohesJ taken._ 
Kupfer-Institut. is to take place 
during LME week, on Wednes- 
day. October 13, at the Inter- 
continental Sotel, London, 

# SOUTH AFRICA’S official 
1981/82 maize crop estimate has 
been raised to 8.43m tonnes 
from the 3.39m forecast last 
month. 


end of a two-day meeting here- and' accelerated replanting, 
srid^political clearance had to The statement yesterday said 
be obtained from the respective., major ‘ producing countries— 
- governments . before ^aax- orga- ’Indonesia, Thailand and Malay- 
nised Individual action could be* sta-+'UAd already begun to 

ken. . respond .to depressed market 

The statement said The six- conditions. Indonesia, for 
member countries — India, Sri example, bad curtailed' produc- 
Lanka, --Thailand, — Singapore, tion from smallholders. 
Indonesia and Malaysia were ' Thailand, it added, apart from 
expected to ’convene a' minis-' giving increased incentives' for 
terial meeting soon to enable' accelerated replanting, was also 
them to ' take concerted 'action financing alternative agricul- 
to provide relief to the rubber _ rural activties for small farmers, 
industry, particularly .small- Reuter 


By D. P. Kumar in New Delhi 

THE EEC is willing to assist 
India in a project to produce, 
process and manufacture 
tobacco for export to tbe com- 
munity. 

Mr Geoffrey Charatan, direc- 
tor-general of the EEC’s De- 
velopment Fund said in New 
Delhi that tbe project should be 
within the framework of the 
Community’s assistance to 
India. He spoke at a reception 
organised by toe Indian Tobacco 
Board for a trine-member West 
German and EEC delegation, 
which bad visited tobacco pro- 
ducing .centres to explore the 
possibilities’ of importing Indian 
tobacco to West Germany. 

Welcoming the offer of EEC 
assistance. Mr C. Venkata raman, 
India’s Commerce Secretary 
said that it was not beyond the 
capacity of India to produce 
and manufacture toe type of 
tobacco needed by West Ger- 
many- 

Although West Germany is 
one of the world’s largest im- 
porters of leaf tobacco, its 
share, of India’s exports is 
negligible- 


SURPLUS THREAT BUILDS 
AS A mild winter draws to a 
close in Brazil, and the risk of 
damaging frosts recedes, the 
long-range forecast for the 
world coffee market looks 
gloomy. 

Failing some late climatic 
disaster, Brazil is set to gather 
a 1983 harvest of some SQm bags 
(60 kilos each), a prospect 
which could spell ruin for the 

faltering price support strategy 

of the International Coffee 
Organisation (ICO) and 
threaten the existence of the 
coffee pact itself after Septem- 
ber. . jfirTg 

Since tiie catastrophic 1975 
frost, which reduced the follow- 
ing year's crop to a mere 6m 
bags, they have struck no less centre-south. unable to keep prices within 

than four times in seven years. In fact, the Government has its target band of U.S.$L20- 
The crop just harvested, little incentive to encourage a L4Q lb. 

damaged by frost and, more switch to otter crops. Although Brazil has suffered quota cut 
recently, rain, totalled l<m coffee returns are low at pre- ^ everyone else. When its 
bags. sent the prices of alternatives, sales caJ ^ e t0 a virtue stand- 

Despite the recurrent crop like sugar and cocoa, do not ^ ^ Jllly it had in effect to 
losses, the Brazilian authorities even, cover production costs, reduce its export- price to get 
have constantly proclaimed Though soya now vies with it, m0V ing again. But its 

their intention of maintaing pro-- coffee is still one of Brazil's non -ico markets this 

duction at the 30m-bag level, leading primary product export 
Since 1975 they have invested earners. This year it is expec- 
U.S. Slbn in restoring and ted to bring in some 
replacing damaged bushes. The U.S42-2 5bn — about one-tenth 
total number of bushes is now of overall earnings. 

3.3b n, more than it has been However the regular short- 
since 1964. falls in Brazil’s crop because 

Though new plantings show of frosts have encouraged 
a certain shift away from the other producers to increase 
vulnerable traditional growing their output, thus creating a 
regions in Parana and Sao situation in which the ICO’s 



OCA7 itsett. the present 
agreement due to expire at the 
mid trfSept«mber,;sndi&crten- 
siott for -a fnrthec_jear made 
conditional upon-tfcerpriar nego- 
tiation of-a new pact re take its 
place-in October 1983, talks 
have *0 far failed to dosethe 
gap between different members’ 
-asjarations... 

■ : Tto;' ' oddest'-' -IsldS " ft ftat 
between producer* over : the 
vexed <iufisti«Hi -of the distribu- 
tion of export rimtas# -'la the 
first tamd -of talks' i& June, a 
number -of ptoduo^ttodtkttog 
Colombia, rejected a - scheme 
sponsored, - nmong' oft by 
Brazil. - f . 

. For Brazil tbe question is 
crucial. „Not only is it umefiling 
to settle for a quoto iff less than. 
30 per cent — its market share 
in the pre-1975' period, was 35 
per cent — but It , reacted 
angrily to a proposal from the 
UB. that quota supplies of top 
quality coffee ' should be 
increased. This would boost 
tbe share of Colombian: mild 
arabicas and the " other ^mflds 

*£*a?sF& 

particularly with, the .cut in rf. -the 


demand from - its foremost 
Comecon -easterner. Poland, 
Some drastic solutions to the 
problem of over-supply have 
been mooted. A French dealer 
suggested recently that an 
effective ICO was dependent on 
the destruction of some stocks 


share of . the lowerqmtiily 
unwashed arabicas produced by 
Brazil. 

Dissatisfaction with the 
course of negotiations so far 
has led Brazil’s coffee officials 
to hintJhat they might with- 
draw from toe pact The feel- 
ing in Santos coffee circles is 


rcKIOUb III rdlcuid aiiu kwv auuauuu ui nmui uic awo - . , 4 j . A ® ““ — Z ~ T" 

Paulo states — the Government market control strategy might low-grade that this is a viable option— in 

has just announced a three- soon founder under tbe weight plantations. For the Brantians p^ce war lb»t would follow 
year. Crslibn programme to of the enormous world supply th^ri P <u?oved ^ 

plant 10m bushes in the frost- surplus. Despite three lm-bag ™ destroy ©a ] wer production i»sts and its 

free north-east— quality con- cuts in 1981/82 (October/ Two bags of coffee, lesser dependence on coffee 

siderations have limited the September) export quotas— At the moment a more likely earnings compared wrth most 
move, for the best beans still now reduced to an overall candidate for destruction is the competitors including Colombia, 
come’ from the more temperate 542m bags-— the ICO has proved International Coffee Agr e e men t (would give it tbe edge. 

Australian wheat chief warns of price war 

said yesterday fie Is optimistic 
about grain, sales to China fol- 
lowing four; dhys of talks with 
fjWnfrsa officials. China last year 
bought 8.4m tonnes of TL£L 


TOOWOOMBA, QUEENSLAND 
— The world wheat market 
- cc uJd suffer a price war 
between major grain exporting 
nations unless the worsening 
problem of subsidised exports 
can be resolved. Sir Leslie 
Price, Chairman of tbe Aus- 
tralian Wheat Board (AWB) 
said .yesterday. 

Sir Leslie told the Queens- 
land Grain growers Association 
annual conference that the 
battle would be between the 
EEC. which heavily subsidises 
its exports, and the UB. which 


is burdened by massive grain them all “If we don't do that, 
stocks. or if we fail we’ll be in toe 

The U-S, might tsy to under- greatest price war yon have 
cut EEC prices in a sales ever seen,” he said. - 


struggle which would have a 
serious long term effect on ail 
grain exporters: Tins was 
because EEC export- subsidies 
were dangerously distorting the 
market 

Delegates were told by Sir 
Leslie that the only way such 
problems could be avoided 
would be for all exporters to 
continue discussions in an effort 
to find a solution acceptable to 


The AWB chairman said he 
believed_ the current surpluses . wheat, almost Saif its total un- 
hanging over the world market ports. 

.would eventually disappear, as Under, a longterm agreement, 
they had done in" tbe past, “I China must buy up to 6m tonnes 
would therefore urge the UB. of U.S. grain a . year, and can 
not to take any premature lake up. to 9m' tonnes. Purchases 


action. We can all ride out the 
next 12 months. . however 
rough.” • 

• U.S. Under-Secretary of Agri- 
culture, Mr Seeley Lodwick, 


above that require U.S. 
approval. Further talks on grain 
sales will take place in Peking 
next Eriday ( 

Reuter • 


LONDON OIL 
SPOT PRICES 

” j [Change 

1 Lataat 1+ or — 

CRUDE OIL-FOB (9 par barrel) 

Arabian Ught |ai.80-3a.w+0.l6 

Iranian Light. .89.75-SO.7Bj— O^o 

Arabian Haavy )28.SO-29 .bo)+0.03 

Nprtb Sea iFortle*).. | 32nOJ5 .Kr-OOZ 
African (Bonny U'ht)|84.00-34.M|+OJ)B 


GAS OIL FUTURES - 

The market opened higher end traded 
urongly reflecting continuing nervous- 
ness over KtMTg Island snd firm physi- 
cals. Towards th* cofse die irrsrfcat 


BRITISH COMMODITY MARKETS 

BASE METALS 


Month 

Yeaf day's 
close 

+ or 

Buslnasa 

Dona 


IUZ. 
par tonne 
307.00 

+ 0.7B 

fi77.Ofl-OG.BO 

Sept. 

893.76 

| + 1. 75:237.60-85.00 

Oct_. 

894.36 

| +0.75;29B JH-94.M 


206.00 

! + lJBl«a.75-85ja 

Dec. 

297.25 

+2J9 i mOM7.W 


298.00 

+3.7B|28SJME.0B 

Feb — 

Mareh 

April 

297.26 

893.60 

894.00 

+3JBI288.06 
+3.EB.-niJS 
+ 7JMI - 


Turnover; 3.318 ,{.1.824). Ins of .100 

tagm*! 


PRODUCTS— North West Europe 

CIF (8 per tonne) 

Premium gasoline. -.[334-S4S | +3.0 
Heavy fusion..- jlB4-ZB7| — 

GOLD MARKETS 

Gold continued to rise sharply was fixed at DM 32,060 per Jifld 
In the London bullion market (8411.80 per ounce), against 
yesterday, gaining S18 to 5411- DM 30.320 (8383.01) previously, S*ttom-t 
$412. It opened at $398-399. the ‘ ' * ' 


BASE-METAL' prices wars lower cri ilia 
London Mstil Exchange, reflecting the 
strength of sterling igalnst the dollar 
and concern that the recent surge in 
precious mauls could have bean over- 
dens. Copper touched £882 before 
closing et £869.S, while Lead was finally 
£328 end Zinc £*29. Tin- closed £7.340 
in volatile trading with buyers respond- 
ing to reports ol support by the Buffer 
stock manager. Currency considerations 
were mainly responsible for the marked 
weakness of Nickel, finally £2.782.5. 


2.840, 10. Kerb! Three months £2.820. 
Afternoon; Three months £2.800, 2.790, 
2.785, 2.790. Kerb: Three months £2.785. 


ex-farm 


NICKEL 

*.m. 

Official 

■for 

p.m. |+ or 
Unofflolalj — t 

Spot 

3 months 

8680-90 
2 B 10-30 

-3U 

-5BJ 

2620-40 ' 

2775-BO ( 

— 11B 


Othar milling wheat: K, West PRICE CHANGES 

In tonnes unless otherwise stated. 


r 

b 


lowest level of the day. and 
touched a peak of 5414-415. The 
metal was fixed at S411.50 in 
the morning, and $407.75 in the 
afternoon. 

In Paris the 12} kilo gold bar 
was fixed at FFr 88,000 per kilo 
($401.95 per ounce) In the 
afternoon, compared with FFr 
88,000 ($400.23) in the morning, 
and FFr 83,200 ,($376.68), Mon- 
day afternoon. 

In Frankfurt the 12$ kilo bar 


and closed at $407H0Si 

LONDON FUTURES 


COPPER | 

a-m. 

Offldsi 

+ or 

p-m. 

Unoffloiel 

+ or 
— 1 


A 

6 

- 6 

6 


862.5-3 

-8 

885.5-8.5 

-14 

3 Piths 

870-.5 

-6 

863.5-4 

-IS 

Sattfam't 

cathodes 

663 

-8 

— 

— 

Cash 

B2B-.5 


31 B. 8.7 .5 

-WJ 


846- J 

-7.75 

B38..6 

-IS 


888,5 

— 8,5 

— 


113. Prod. 

— 

-I 

•70-78 

—— 


• Cento per pound. * MS per kilo* 
t On prsvlaua unofficial dose, 

SILVER 

Silver was fixed 13.25p an ounce 
higher for spot delivery in the London 
bullion market yesterday et 484.55p. 
U.S. cent equivalents of ths fixing 
lavsls wars: spot 815.3c. up 30-3c: 
three-month 8353c. up 31.4c: eix-monih 
853.5c, up 31 Jci end 12-month 907.6c, 
up 31.1e. The metal opened at 457- 
■*62p (800-81 0c) end cloud at 462- 
485 p (B16-820C). 


Month 

Yen? rosy's 
close 

+or 

Buainaea 

Done 

Sapfmb' 

October... 

November 

December 

January,... 

February. 

March — . 

£ par tray 
ounce 
931.00 <3.0D 
933.90-3.80 

934.00- 5.7S 

986.00- 7.70 

237.00- 40.0 

239.00- 1.96 
84 1.50-4, Mr 

+S.1DoL»JO- 5.79 
+8.K0 ZS7.S0-1.JO 
+2jMna.B0 
+S.476I — 


Amalgamated Metal Trading reported 
that in the morning cas h Hi gher Grade 
wliwben traded « £863.00, three 
months £875.00, -74.00. 74-50. 75.00. 
75X0. 74.00, 73.00. 72.00. 71.00, 70.6, 
71.0, 71.50. 72.00. 71-50. 71.00. 70.50. 
Kerb: Higher Grade: Thru months 
£872.00. 73.00, 74.00, 73.00. Afternoon: 


SILVER 

P« r 

troy ox. 

Bullion 
fixing | 
priee | 

+ or 

l—M.E. 

p.m. 

Unoffle'l 

+er 

*pet>-,..J46*-65p 

3 month*j476.06p 

6 month* j48B.03p 
12month«510.3Sp 

+15.2 
+ 15.7 
k-1S.fi 
h+15.6 

457. 5p 
469.7 5p 

U.G 


HGCA— Locational 
pices. 

110.20. Nad barley: S. Eest 100.50. 
S. Wert 98.60. W. MiHe 97.60. N. West 
99.50. The UK Monetary Coefficient lor 
the week beginning Monday August 30 
(based on HGCA calculations using 
five days exchange rates) is expected 
to remain unchanged. 

Business done—Whert: Sept 112.10- 
111.80. Nov ! 14.86- 1 14 60. J«n 118.38- 
118.10, March 121 .65-121-55, May 
124.80 only, July 1Z7.60 only. Sales: 
218 lots of 100 tonnes. Bariey: Sept 
105.40-105.20, Nov 108-20-109.00, Jen 
112.70-112.06. March no tradea. May 
118.80-118.65. Sales: 278 lots of 100 

_ . .. 

LONDON GRAINS— Wheat: U.S, DaTrfc 
Northern Spring No« 1. 14 per chnt: 
Sept 108, Oct 108.50. Nov 111 tranship* 
mem Eest Coast sellar. English Feed, 
fob: Oct/Dec 118.50 East Coast taller. 
Maize: French: Sept 13B transhipment 
East Coast seller. South African White/ 
Yellow: Aug/Sept 86.00 eeller. Barley: 
English Feed, fob: Sept 108.60 East 
Coast, Oct/ Dec 112.75 Qaet Coast 
sellers, spot 108.26 field South' Coast. 
Heat unquoted. 


Metals 

Aluminium 



■For 


Month 

ego 


.[£8101818 


_ .*81018161 

FreeMkt 1*108.1026 [8880/880 

Copper J ' | 

Cash h grade-. £8fiff Ul4 

Smttis [£865.70 1-18 

Cash Cathode- £817 

«mths._ £838.28 

Gold troy oz ._ f4u.0 

Lead Cash *514 

S ruths. 1£3 84.78 

N lake I IM085 

Free mkt „|220/200r|. 


AMERICAN MARKETS 

NEW YORK. August 2a. 176.5. May 182.0.183.0, July 18C5; Aug 

Profit-taking presurad silver, gold entf 183.0-183.5, 
copper late in the day as stock values Soyabean Oil— Sept , 17.95,17^3 

declined and coffee came under (17.73). 'Oct ' TSZXMS.Of (T7J5T), Dec 
pressure on speculative iiquidetion. 1838-1839. Jan 18.83, March ias6. 
The grain and soyabean complex May 19JS, July 19.50. Aug 19.4D-19.45. 
strengthened on commission house buy- t Wheat — Sept 344.344** f343*«). Deo 

ing prompted by hte firm lone to 364V365 (364). March 3824-382*4 May 
currencies, reported Hein old. 388*. -388, July 387**. Sept 396. 

Copper — Aug- 64.45 (86.151. Sept . WINNIPEG. August 2*. 

84.50^* 70 (65.301. Oct 85.25. Dec CBarfay-Oct 105.0 (702.0), Dec 105.1 
66.60-86.70, Jan 87.10. March 6B.20. " 


Pletln'mtr oz’yfBSSO 

Preemkt. (£185.50 

Geiclcslfvert 

Silver troy oz...:464.BBy 

5 ‘476.0%, 

Tin Caah..'.^..._l£739B 



,(8360 
!,B (CJ71.50 
...... ,*568/170 

Ul5.SS410.96p 
H-lfi.75i4B8.4Sp 
+ 185(*8197.S 


5 mth§.. [£7347 .0 H-1SL6UI68 


RUBBER 


The London physical merket opened 
slightly easier, a t aaoted IttUe intsrest 
throughout the dsy end dosed duff. 
Lewie end Peat recorded e September 


Turnover! S28 ,(248) iota of 100 tjx>>5 Turnover: 37,360 tonnes. 


LM 6— Turnover 213 (353) lots Of 

10.000 ozs. Morning: Three months . ___ . _ . 

Higher Grade, throe months E870. 69. 484.0, 85X1, 83.5, 84.0. K.0. 79.0, 78.0. fob price for No. 1 RSS in Kuela 

— — — — 75.0, 74.0, 75.0. 76.0, 75,5, 75.2. Kerb: ■ ■*“*'* — * L “ 

478.0. 79.0. 80.0. Afternoon: Throe 
month* 470, 469, 68-5, 69, 58.5, 89, 

89.5. TO, Kerbs Throe months 471 J), 

72. 73. 


TungstenZLB lb! fill 145 
Woffrm<L4in»'fi1flI/1M 

Zina Cash £480 

ymths tf488.2B 

Producers. ...SfiBOO 


68.50. 06. 84. 83.GO. 64, 84.50. 64. 

63.60, 63. 63.50. Cathodes: Throe 
months £838. Kerb: Higher Grade, 
throe months £865.00. 65.50, 66. 67. 

68.60. 67. 66. 85. 66, 67. 68, 89. 68^0, 


Lumpur ol 199.0 (199.75) cents 
and SMR 20 171.0 (171.6), 


kg 


Aug. 84 


Aug 8$ 


Gold Bullion (fine ounce) 

Ctoea 1 14 11-418 (£233-233 If) |J393-394 


Opening 18396-399 

- • ‘ *411.00 

ng.lfi4G7.75 


Morning ffirtng....(S4 11.60 
Afternoon flxlr ~ 


(£297 ia-888) 

(£234.9411 

(£238.204) 


83934 
SS771| 
8381.1 
8394 .C 


ecaaff-aaBta^ 


5377ta-3781e (£2 171* -3 17 
.75 (£819.4601 

00 (£226.139) 


Krugrnd 

ig Krug 
4 Krug 
lilO Krug 
Mapleleao 
New Sov 


Cold Coins Aug. S4 
8419-420 (£237Ia-23S) 

5217-218 (£123-12318) 

SllOts-llHi (£62»«-63U) 

S46M-46M (£2514-26 U) 

341834-41054 (£837 t4-237S») 

80754-9814 (£5511-5554) 


1 aun. 

tin J Official 

- 

P-m. 

Unofficial 

+©r 

—s 

Nloh Grad* 6 

£ 

£ ' 

£ 

Cash 1 7400-10 

+80 

7390400 

+ 186 

3 months! 7300-20 

+45 

7345-50 

+ )« 

Settle 7410 

+ N 

— 

— 

Bl-mlarUj ?36JV70 

+M 

7390400 

+ 188 

3 monthW 7300-10 

-rfr.6 

7345-50 

+ 18* 

Settlsmtj 7070 

+80 

— e 

MlM , 

Straits EJ7I29.1B 

■—*— 

— 

•ee.ee 

N.wYorW — 

— 




COCOA 


No. 1 
ILS-S. 


Futures re roe in erf steady Vrfthlri a 
narrow range ea commission house 
short-covering offset light producer 
ealas. Offtake among consumers was 
scarce, reports Gill snd Duffue. 


King Sov 399-101 (ESM7) 
Ivictorle 8dV *99-101 (£56-57) 

French 20s 88834-864 (£464-484) 

SOpsosMex. M8S4-4M (£m4-2M4) 
100 Cor. AUSt 83964-<l»3a££!4.2Z7) 

*30 Eaiflles I4Z5-WS (£2404-34*4) 


Tin— Morning: Standard, thro* month* 
£70*0. 30. 60. 60. 65. 60. GO, 7Q. 80. 
90. 7.300. Kerb i Standard, three months 
£7.320. la 20. 16, 20, 10. 30. Afternoon: 
Standard, throe months £7,330, 40, 36. 
20. 30, 40. 45. Kerb: Standard throe 
months £7,350, 40, 45, 40. 30. Turn-, 
oven ZS05 tonnes. 


COCOA 

Yesterday'* 

Close 

+ or 

Business 
Done * 


£ per tonne 



905436 


9D8-8S8 

dm. hw-ww 

945-49 

,„ M .. 

94948 

Maroh— ~_. 
May .j 

978-79 

999-94 

1006-10 

+2.0 

-0.6- 

-1.0 

980-79 

995-88 

1010-07 

Sept.. _j 

1095-27 

+ 1.0 

2028-26 

Dec 

103846 

+ 2.0 

— 


*«Pt 

Oct ...... 


Ap!-Jnoi 


J'n-Mch, 

Apl-Jne 


Yest’i-y* 

ak»sa 

Prevtou* 

clone 

RLOMO^O 

B1J20-S1^0 

&2.1&-62JM 

84.60-84.70 

57.BM7J0 

8S.Z0-38JH 

ES.80-67JW 

M.7044^0 

87.00-67.30 

6LOMJJO 
81.9043.10 
6LM43.B0 
66,10-86 JN 

67.70- 5749 
BOJO-BO.fiO 

82.70- 82.00 

a.io-ae .20 

87^048^0 


Dene 


HJO-48JO 


86.0B 


Commodity 
Analysis 
(Brokers) Ltd 


COMMODITY BROKERS 
Specialists in 

Commodity and Currency 
Discretionary Accounts 
Minimum account size £25,000. 

All Client Funds arc segregated 
as smarter of courec. 

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•(Brokers) Ltd. 

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London EC4 I 

Tel: 01-2365211 





CLUBS 


m im outihrod the vthero hecuse ef a 
poiicv ef f*lr ar*¥_*"d value for money. 
Supoer awn 1O-JJ0 am . Df tce lid & 
rmSciens. alenwreus hesMstes. enune 
toeratrom. IBS. Sb 01-734 ossg 


PLANT AND 

MACHINERY 


FOR SALK 
Baldwin 


Can. fca and - A. 


or HeskeUi Motarcrde* PLC. Lone 
March indunrUl _ Estat*. On«wv. 
Northsmeteiitiilra. Friday. 3rd Septem- 
ber 1 902. 10.30 a.m. prompt. High 
duality plant, machinery, inspection 
equipment, benching, racking, office Tur- 
nlture, snares, ntt. Saturday. 4th Sep- 
tember 1982. 1030 l.m. prompt 30 U 
new and second hand Hesketh XI 000 
motorcycles, various mures, regalia, etc. 
Further details and catalogues “mtact 
Grim lev & Sen. 2 st- Philip’s Place. 
Birmingham >3 2QQ- Tel. 021-238 
8236. 


LEAD 

ajn. 

Offtdel 

+ Of 

K-ht. 

Unofficial 

+ or 
— t 


£ 


£ 

£ 


311-8 

—3 

313.34.8 

— 2.5 

3 month! 

S22-.0 


324.6-6 

-1J8 

Settleml 

312 

—3 


ee. see 

U* >|Mt 

— 

— 

*2B-8 



CLASSIFIED 

ADVERTISEMENT 

RATES 


.ZINC 

a.m. i+ on pjn. 
Official | — (Unofficial 



£ m 5 

£ 


419.7 3- JO;— 8.BT.4 19.5-20,5—8^6 


427.64;— J 428-.B 

h-8J 

S'ment— 

490 (-6J - 

Prlmw't* 

— 1 3740.6 

— 


Cbm mawJ afyTiftBMaM 


Sfngfa 
ftp _ cchimd 
tfn£- era 

£ £ 


Property 

aoo 

2750 

Residential PropaKfl 

8.0Q 

20.00 

Appa'ntwmtrta 

3-50 

2S.OO 

Btisineas, hnwaiureri 
Opportuirtiaa 

830 

’ 2940 

Businesses tor SsW 
Wanted 

8 JSO 

29 M 

Personal . 

8.00 

20.00. 

Motor Cera 

6.00 

20.00 

Hotels S Travel 

6.00 

2040 

Contracts & Tenders 

9.00 

27 £0 

Book Publishers 

— net 12-00 


Premium positions available 
(Minimum size 30 column am) 
£6.00 per single column cm extra 
For further details writ* to: 

Classified Advertisement 
Manager 

10, Cannon Street, EC4P 4BY 



Select .1.774 (2.011) lots of 10 
tonnes. 

ICCO— Daily priee for Aug «: 74 £2 
(73J7). Indicator price for Aug 2S; 
7330 (72.42). 

In tonne* unless otherwise stated, 

♦ Unquoted. xAug-SepL uSept-0c4 
ySept. t Oet» t Per 16 lb flasks, 

•‘Ghana oocoa, n Nominal 


Sides: 138 (65) lots of 15 tonnes: 
15 (7) lots of 6 sonnet. 

Physical elaefng prices (buyers) w ere 
Spot" 49.50p [50.00p)s .Oct 51.50p 

(52.29p): Nov 62.00. 

SOYABEAN MEAL 

The market opened slightly eegier otf 
strongs sterling, reports T, G. Roddick, 
Prices ramelnad steady in narrow 
ranges until late In the day when the 


Oils 

Coconut (Phil) $4i5x 

Groundnut,, £535u 

Unseed Crude t 
Palm Malayan fiAOZ.Bt 

868tiS 
Copra Ph lip „ 8286y 
Soyabean (UA) 8240y 
Grains 
BartayFiA 
Maize — 

Wheat FWLNi 
NoJHardWl 
Othar 
commodlH 
Cocoa mhlpf 
Future 
Coffee Ft’ Hovl£l 189,5 
Cotton AJndax|75.70o 
Gasoil Sept~.JS293.76 
Rubber (fclio). J49.60p 
Sugar (Raw) — t£98xt 


I 18111.18 

+1 |8107ma 
-8262406.25 
-8.5 [£414.25 
-18800 


8465 

+ 10 t 

t 

+7.5 8402.0 



+0.3 
+12S 

UM 

WOOffps 64s kl.|376p Wto!Z._„ 

8 Unquoted. xAug-Sept v July- Aug. 
y Sept. t Oct, t Per 16 Jb flask. 
* Ghana cocoa* a Nominal. 


+8.6 

+0J*| 


+026 


£109.05 
£136 
£113^0 
t 


8310 

8254.5 


May 8920, July 70.30. Sept 71.40. Dec 

73.00. Jen 73.60. Mareh 74.55. May 
75.60. 

Potatoes (round white*) — Nov 57.0 
(66.1). Feb 66.0 (66.0). March 7B.6, 
April 88.0-88.4- Salas; 244. 

TSItver — Aug 775.0 (800.8)’, Sept 

770.0- 775.0 (302-8). Oct 782.4. Dec 

785.0- 798.0, Jan 800.0. March 810.0- 

613.0. May 625.0-840.0. July 847.5. Sept 
862.6. Dec 885.0. Jan 882-5. March 
907.5. May 922.5. Handy and Herman 
bullion spot 831.00 (600.00)', 

Sugar— No. 11: Sept 7.01-7.05 (B.99L 
Oct 723-7.24 (7.18). Jan 7.80-720. 
March 842-8.43. May 8.67, July 8.87- 
8.90. Sept 320-9.30. Oct 9.27. 

Tin — 603.00-608.00 (586.00-588.00)’. 
•Gold— Aug 403.5-406.0 (399.2). Sept 
404.5 (4002), Oct 406.0-408.0. Dec 
412.5-414.0. Feb 418.5-421.0. April 
4282, June 4364. Aug 444.7. Oct 453.2. 
Dec 462.0, Feb 471 .0, April 484.0, June 
489.8. 

SWheat — SCWRS 13.5 per cent pro- 
tein content cif St< Lawrence 222.75 
(same),, 

CHICAGO. August 24. 
Lard— Chicago loose 21.50. 

Uv* Cattle — Oct 64.17-64.30 (63.95)’, 
Dec 64.15-64.10 (63-87). Fab 62.50-62.00. 
April 62. 35 -62. 2 5. J^ne 62.97, Aug 
61 .40. 

Uv* Hogs— Oct KL40-BJL30 ’(61J77)r 


(100.3). March 109.1, May 110.8. July 

112 . 2 . 

All cants par pound ex -warehouse 
Unless otherwise stated, *S per troy 
ounce. 1 Cents per troy ounce, 
fit Cents per 56-lb bushel, t Cants 
par 60-lb- bushel. • fl J per short tea 
(2.000 lb). SSCan. per metric Jon, 
55 S per 1.000 eq ft- -fi Cent* par 
dozsn. tt* ptr metric ton. 

Ail cents per pound ax-eMfraKoasa 
tanlesa otherwise stared* * S par troy 
ounce, 1 Cents per box ounce. 
4fi Cents . par 50-lb bushel, t Cent* 
per 60Jb- bushel. gS per short ton 
(2.000 lb). §SC«n. per metric ton, 
55 S per 1,000 sq ft. £ CeQtq p«( 
dozen« ft S per metric ton. 

Monday’s closing prices 

ttCoeos— Sept 1433 (1467V. Dec 1S13 
(1637). March 1564. May 1614, July 
1657. Sept 1686. Sales: 3J70. 

Coffee—" C “ Contract: Sept 134.50 
(133.94), Dec 128.00-126.07 (128.37). 
March 118.40, May 112.70-112*0. July 

109.00. Sept 1 06 JS- 106.26. Dec. 102JSO- 

103.00. Seles: 1.320, 

.Comm— No. 2: Ocr 85.12-65.16 
(66.28). Dec 67.13-67.15 (B7J6). March 

S Ju, y ' 7Z6 ^ 

?’7°' S^J 3 - 5 ®- 73 - 80 * 0,6 7M5-74J66, 

Seles: 2.450. 

Heating Oil— (coma pec ]U.S. gsUonJt 


IBOVT 

J6871.B 

61.104 

79.00a 

S2B1 

48.75p 

|£106 

fiWpkllo 


Lead — Mcrc lngt Cash' £310. three 
month* £328.00, 27.00.- 28 £0. 27.00. 
25,00. 24.00, 23.00. 22.00. 21.00, 22.00. 
Kerb: Three months £ 323.0 0, 24.00, 
Afternoon: Three months £323. 23.5, 24, 
24.5. 22. 22.5, 23. 23.5. 24. 24.5. Kerb: 
Three months £325-00. 26, 25.5. 28. 27. 
28, 27.5, 28. Turnover: TZ 100 tonnes. 


~ COFFEE 


Following early loeese' good trade 
Interne fuelled a steady market, reports 
Drove! Burnham Lambert. Aggressive 
buying nwinfy in distant petitions 
tested recent hlgtia, but after feHing 
to breakthrough values retreated. 


- 

Yastsrdys 

Close 

+< 1 

Business 

Done 

October 

A 

per tonne 
181.60.21.01 
124J024.4 
120 JR -28.4 
128^0-28,4 
180.0040.8 
13U0JS.0 
15IJJO44.0 

— 1.® 
— OJB. 
— 0^0* 

TH 

-0.86 

1UJB-22JH) 

.flUUMI 

Feb 

April 

June 

August.. — 
October..... 

1UJK48.7Q 

128.00 

ISOJO-SOiSO 

I5W0-SJ.78 


COFFEE 

Yeefdny a 

Close 

+ or 

Busina** 

Done 

Sept. 

1293-90 

-10J5 

1316-898 

Nw. 

January _ 
Marsh 

110&-03 

105749 

998-1000 

+ 2.5 
+9.6 
+6^ 

1 203-1 ao 
ms-092 
1046-21 
100B-9B5 

July 

964-70 

+ 7.0 

9B0-S5 

Sep 

958-60 

+8.0 

960- 50 


Sales: 4JS56 ^5,234) late cf 6 tomtee, 
ICQ Indicator prices (or August 23: 
*U-S. cam per pouiKf) Comp, daffy 


three month* £43340, 32.00. 31.00, 

30.00, 29XXL 2&JXL 27 M, 27.60 27.75. 

Kerb: .Three months £42000. Aftsrnocnl 

Three months 1429., 28. 29. 2S-5, 29. Nra ' rm m n,ia£l> ' ibtaa 
38*3. Kerb: Three months £426,00. KV ® T * B ° 

29, Turnown 17^00 tonnes. iM6 - 37 

GRAINS. 

Wheat opened higher, birley bn- 
changed. Both merketa remained firm 
with good commercial end shipper 
buying until buying Interest eased off 


Sales: 148 (28) lots or 100 tonnes. 
" SOYABEAN OIL — A weaker dollar 
produced a higher opening and prices 
firmed further on light short-covering. 
Some profit-taking took prices from 
the highs. Close snd business dons 
(U.S. 5 per tonne): Oct 448.00. 4G0D0, 
470.00; Dec 454.00, 446.50. 457.00- 
450.00: Feb 460.00, 464.00, 464.50. 
454.50: April 486.00, 487.00, 486.00- 
460.00: June 470.00. 480.00, untraded: 
Aug 470.00, 485.00, unvaried: Oct 
470.00. 490.00. untradedj SaIbk 84 
.(12) lots of 25 tQppsfii 

SUGAR 


INDICES — 

financial times 


Aug. 93 

Aug. 3? 

Mth ago 

Vvego 

232.48 

231.68 

932.62 

267.63 


iBna: July. % 1962 - JO 0)» 

REUTERS 


1635.6 | 

1 1539.7 | 1643,8 . 

1676.9 

(Best: Beptember is TS3 

MOODY'S 

1 - 100) 

Aug. 93 

Aug. 20,M'th ago 

Varago 

1010.4 

1007.5 | 1019.1 

1036.2 


(December 31 1931 ~ 100) 

DOW JONES 


Doty 

Jones 

Hi 

A !8 

Month; 
ego | 

Yeor 

ego 

Spot 

Futris 

XBase: 

127^41 
130.251 
: Decea 

125.55 
128.77 
iber 31 

128i6l| 

187^01 

.1974- 

ioox 


Dec 80.00-59180 (58.88). Feb 57 Sept 91.40-91 £0 (9035). On 3Z20t 
37-30. April 52-25, June 50.95*61.25, (91-29). Nov 93.16, Dee 33.70- 

July 49.90-50.00, Aug 48.00. 93.9a Jan 94.00. Fsb 93.80. March 

tfiMahe— Sept 230V231 (229k.), Dee 91.1041 .Btt April 89.3a May 89.50. . 
24V-23C (231). March 2486-233. May. Orange Juice— Sept T31.6S (13125)', 
2B9\-260, July 265V2B8. Sept 2684. 129.40-129.48 (129.25). Jen 12965, 

Belllee— Aug 103.40-101.50 March 129.70, May 130.40-13050, July 

(101.70), Feb 81.87-81 .97 (79.8T), 131.40-131.70, Sept 132-B0-13Z701 Nov 

March 80.12. -May 77.10, July 72.82. 132.60-133.00. Jan 132.6O-133J0, Sales: 
Aug 71.05. 600. 

tSoyabnene— Sect 571 s i-571 (SSPi), * •Phtbium— Oct 332.5-334 5 731851 
Nov 578V 579 (574*,). Jan SS2V693. 338.0039.0 (326.0). April MBA 

March OOBV May 621. July 6324. Nov July 368.0. Oct 363.0. USkAMT 
840-643- CHICAGO Aixinae <n~ 

JS H LA P* ’SS-O-ieS-B . Chkrago 1mm Go»-SeJ» M9 5^n 

fiBShf jrawss^a as? jrfflSS?® 

EUROPEAN MARKETS 

.ROTTERDAM. August 24. pw cent effoat 204s205, Sear wm-wr 

S per tonneji U,S, traded; afloat 20/f, Seat 206 rw mi 
No. 2 Red Winter: Sept 144. U.S. No. 3 Nov 2tB Deesn? 

Amber Durumt £ept 163. Oct .167. Nov sellsre. 'fsIIm Brail I K'mJ ££ 
D “ ^ No, 2 Noribenff Aug-mid Se^aRTO^ 

Spring, 14 per cent: Aug 175.60, Sept Sept 209. Oct 214 . NoSm^T 
.172. Oct 173^0, Nov 177. Dec 181. aellara. ^ "w-Mercf, -229 

Melae— (U.S. S per tonne): U.S. No. PARIS, ’August 2L 

3 Yellow: Aug 118. Sept 11150, Oct ‘7/*!?° w,0, )= Sepi 

106. Nov 106. Dec 109. Oct/Dec 107. IXF 1 ®*- %£ t iW ,ia 0> M « p 11*/ 
Jan/Morch 116.60 sellers. ' 1280/1275, 

elt; N ^, 2 Sugar— (FFr par tonne): Oct 1328/ 

Sept 234, Oct 227. Nov 228, Dec 1331. Nov 1340/1390, Dec 1400/1406. 
230.50, Jan 240.50. Feb *1.«TMarc ft Mar 1 335/1 5*a mJv 1fiW/1K& 
24^April 246.50. May 247.50 tellers. 1615/1625, Aug 1630/1535. Oct 1685/ 
Soyamael— (U.S. S per tonne): 44 1700. Sales at call- ML ' 


ANmtnra 

■jn. 

Official 

for 

pjn. 

Unofficial 

+er 

—t 


£ 

s 

£ 

A 

spot. — 

00B-.5 

—8.75 

561.6-2.6 

-7 Si 

3 month* 

586.54 

^8.?B 

680-1 

L-7.7B 


No. 4 Yesterday 

' Prevfoue 

Buelnere 

Con- 1 elose 

> oloee 

dene 

tract | 




WOOL FUTURES SnSX‘£Vg/‘VS 

SYDNEY GREASY WOOL— Ctaae pn English, under 100 Ibe 33.6 to ELO. 
order, buyer, eeller, business), Auarra-i 100-1 2D lbs 434) to- 51.0, 120-100 lbe 
lien cents per kg. Oct 52S.O. 525,5, 39.7 to 43.7, 

SZ7 .0-525.0; Doc 529 J). 529.5, 530.0; MEAT COMMISSION — Average Fat* 
Meich 535.0, 637.0. untraded; May stock 'prices at reprasentstluo merketa. 

540.0. 541.0, untraded: July 545.0. <**-- Cattle 97.43p per kg !w <+1JT7), 

549.0, untraded: Oct 341.0. 542.5, GS— Sheep 132.34p per kg Mt dew 

unirsded: Dec 54S.0. S46.0, 545.D. f yS.IS), GS— Pigs 70.31p per kfl fw 

Sales: 21. (+1^1). •. 

NW ZEALAND CROSS- GRIMSBY FJSH-Suppfy poor. da* 
bheus — C lose (in order: buyer, seller, nwrid good. Prices et ship's stda (tta- 


Alumbifum — Morning: Three months 
0587. QQ. 87.50. 88.00. 87.00, 84.00. 
85.00, 86.50. Kerb: Three monthe 
£585.00. 85 JO. 88.5a 86.00. Afternoon: 
Three months (584, 83, 81, 79. 78, 78, 
79-5. 8a Kerb: Three months £581.00. 
80.06. 81, 82. 83, 84. Jumovap Z7.125 
tonnae, 

Wckaf— Momfnfl: Cash’ £2^60, 70, 
60, thro* pmntha, £2406, 60, 66, 50, 


KCAT 


■AMLSV 


1 

a 

i 

+ 

0 

1 

YeefrCy*’ 

+ or 

Mnth 

dose 

— ■ 

olen 

“ 

Sept. 

122.10 

+0. » 

106.30 

+0.18 

Nev_ 

114.70 

+ 0^8 

109.00 

+0JB 

J*n_ 

118.15 

+02* 

112.66 

aoeemmeee 

Mar- 

191.50 

+0.11 

116,70 

+ 006 

May.. 

194.90 

+<L28 

118.03 

-C4S 

July.. 

127.60 

+0.10 

* — 

— 


£ per tonne 

Oct 1 1B5.8fi4K.0SH Q8.flW8JWj10MlUlS.7S 

Jan.,.„,in2JN-19.00.m.00-lBJM| — 

March in9J6-TO.70;12L4D-2L«.1J5.00-MJM 


Initial gains, encouraged by * strong 
gold market, ware quickly . lost end 

price* drifted beck to the 'recent low _____ 

occurred, reports C. &emikow. Aug 345, 359. nil; Oct 358. 375 nil; 0.00, codling £3.60-£5.00r lares h«d- 

defrvery price for Dec 386. 388. nil; Jen 388. 391. 390: dock £4-60- £5.20. medium £37 044.71. 

£W5 90*188 me 1*/ torma^nr Tirana March M8. 401. nil; May 404, 407, 405; wall D -80 -£2.60: medium plaice fikSO. 

dtt « U8 412 - 0et 41 °. 41 8, nil; beat email fS.30-E6.40; lemon scire, 

and £203.00 (£204.00) for exptirt, Dec 4T4. 418. nil; Jen 416. 42a nil. £10.00; medium. £9.00: rocUsb 


International Sugar Agreement (U.S. Seles; 3. 


C8rrts per tonne) fob end . emw«d " 

ire’S re’S ISS re Caribbren porte. Prices for August 23: MFAT/CICU 

oSEiiSSSnSSSaSKT <6.821: IH.,™. IHEAT/FISH 

Jan imjfM6.0D[lSfiJM'ff7J^ — - ■ 


£3.00; sauhe £1.80- £2.1 a 


Sales: 2.571 (2143) Ion ol BO 

tonnes. 

LONDON DAILY; PRICE— Raw sugar 
£96.00 (£99.00} a tonne cif Aug-Sapt- 
Oet shipment. White iuui ffallv price 
£11200 .(same). 


6.91 (6.95). SMITHFI ELD — Pence per pound. 

. „ . . . . „ , . - Beef: Scotch killed sides 78.0 to 83.5; 

LIVERPOOL— Spot and shipment sales Ulster hindquarter* 96 fl to 58 3, fora- 
amounted to 37 tonnSG. Turnover wet quarters 57.7 to 60 0. Veal: Dutch 
quieter, but a oseful demand agelri binds and ends 124.0 to 128.S. Lan*- 
came forward In numerous varieties. English smell 63.0 to 81.0. medium 
Most of tha Interest wee In Middi* 60-0 to &4.Q, heavy 68.0 to BOA - Scotch 
Eestenj pgd Wricaq styles, . J ' 


LONDON POTATO FUTURES— The 
market eased lower 7n min gonditioas, 
report* Coley end Harper. Closing 
p»®«K USY 67.10, -0^0 (high 67.51 
low 57.00): Fib 6S.40. -0.88 (high 
87.00. low 6853): April 7flm, — lJD. 
(high 77.40. low 78.00): May 85.00, 
-1.90 (high 87J0. low 85-50); NW . 

_ - „ - - 68-90. —0.10, umradad/ Tutnovsn 

medium H7.o to oia heavy; 553 ta . 197 (178) lets of 40 -mmas* 






’sW _’. 





war 


The future for French nuclear power 


By David Fishlbckj'Science^ditor 


RADIO-ACTIVE waste is the 
most sensitive nuclear issue 
r today in France, the nation with 
1 -the world’s “biggest nuclear 
- power programme and its most 
c -advanced fast reactor technology 
"-for burning plutonium. 'Like 

■ Britain, France needs two new 

* nuclear waste repositories for 
? .permanently disposing of radio- 

• *- active "waste from its hospitals. 

surgeries and factories, as well 

• *.as from nuclear plant. 

• It expects greater difficulty 
finding sites for these reposi- 
tories .than for more nuclear 

'■ reactors, including the first 
.1 commercial fast reactors, or 
7-esen for a proposed district- 
f. heating reactor within a few 
miles of Paris. Even boreholes 
.to explore the geology for sub- 

■ terranean waste repositories are 

' being fiercely opposed, as they 

- jijve been in Britain. 

: But in less than a decade since 

• - France launched its big nuclear 

- programme based on the 
“'Westinghouse pressurised water 

reactor., it has commissioned no 
" fewer than 23 reactors, totalling 
’ nearly 21,000 MW. It still has 
: 35 PWRs under construction, of 
: which 14 are of 1.265-1.290 MW 

• net output t compared with 
V; 1,050 MW net output planned 

.for the Sizewell B PWR). By 
the end of 1981 it was obtaining 
37.7 per cent of its electricity 
'■'"from nuclear fuel, three times 
as much as Britain, 
r ' What is more. French experi- 
■ -trace with the U.S. reactor has 
been good- The PEON commis- 
, ‘ '.sion, which oversees nuclear 

- electricity production, set the 
following targets for output 

1 expected in the early years of 
: ‘ the' PWRs: 

, J -' : Availability- 

Year 1 50 per cent 

! ' Year 2 60 per cent 

Year 3 50 per cent 

Year 4, etc. 70 per cent 

As the accompanying hiap 
shows, the units entering ser- 
vice up to January 1982 consist 
i teritly exceeded the PEON pro- 
duction targets. 

The outcome “of the re- 
‘ :_appraisal of the reactor pro- 
gramme a year ago. soon after: 
: .-' the Mitterrand Government 
came to office, is one station — 
.'-Elogoff, in Brittany— abandoned. 
. . Five more were “ frozen " last 
summer. The Government 
. devised a three-level scheme of 

• appeal against Teactor siting: 
local government, regional 

■ government, and National 

- Assembly. All five "frozen 

, • projects are now proceeding, 

■ three having been approved at 
local government level and the 
other two at regional- govern- 
ment-level. None-. needed the 
intervention of Parliament. 


France, however, has not 
been immune from the effects 
of economic recession and the 
rate, of ordering, of .new. nuclear 
plant has fallen sharply. Only 
iwo units have been ordered 
this year. • M Reray Carle, in 
charge of the nuclear construc- 
tion programme For Electricity 
de France, expects to order no 
more than three reactors a year 
for the next two years— com- 
pared with as many as six a 
year in the . early years of the 
programme. 

M Carle, who took responsi- 
bility- for construction from 
M Michel Hug early this year, 
says the task today is quite 
different from when the ' big 
programme began. He has 
dearly inherited one of the 
world's great engineering 
success stories, comparable 
with North Sea development by 
Britain. In each case the nation 
made adroit use of overseas 
technology and resources. 

No French nuclear engineer 
claims that the programme was 
trouble-free. They remember 
too well* the cracks in crucial 
components which appeared 
when they departed from 
Westinghouse’s manufacturing 
instructions. 

Last winter they began to 
discover the drawbacks of six- 
reactor sites. Such a site at 
Gravelines near Dunkirk ran 
into trouble when striking con- 
struction workers on the last 
two units prevented power 
generation by the earlier units. 
M Carle believes rhat there will 
be no more six-unit sites. Four 
units, probably operated as two 
separate power stations, are a 
more manageable arrangement, 
he believes. 

The French have never 
treated the Westinghouse PWR 
as an ‘‘off-the-shelf" technology 
transfer. They had their own 
experience of the PWR gained 
from work by the Commissariate 
k L'Energie Atomique (CEA) 
on the submarine reactor (of 
which seven are now at sea). By 
the mid-1970s it was clear to 
Dr Andrd Grraud, then master- 
planner of the nuclear pro- 
gramme, that only by mounting 
a major PWR research and 
development programme of his 
own would he achieve an 
equable exchange of technology 
with Westinghouse. 

Today, the CEA alone spends 
about £20m a year on civil PWR 
R and D (for comparison, the 
UK Atomic Energy Authority 
spent £16m last year). EdF and 
Framatome, the reactor design 
and construction company, also 
haev their own R and D. 

One major- result of this- 
R and D is a French design of 


ENGLAND 


ifflwwHnas ==1 

1;20;5'5(4<5) BeLt?IUIV1 \ 
2:20;6'5.(*5) u ^> . . . 4 

3:13:3-1 (2-0) [ f{ 7/1 

4:10 ;1 -7 (1-0) L 




Fresdr Nuclear 
Electricity 

(JANUARY 1982 ) - 


LUXEMBOURG 


1 • • ■ 

f WEST 


f Oampiarre 

1:22:5-8(5-2) 
2:l8;4-fl(3-31 
3.13;3-2t2“0) 
4: BjO-HQW 




©Reactors in operation (all SOOMw PWR) 

Unit; months in service;triffions of kWh since 
entering service (trillions of kWh expected by PEON) 


Pesunhfiim Germany 
133:ZV2C18-S)*j r - 

252 ; 21 - 0 ( 18 in v j / 

■ ' V v| 

v . . 

■}' SWITZERLAND" r 1 

■ ■ K{^ 

Bogey- 1 


1J41:13-3U3-0) 
2:41: 134 (13-0) 
3:41:13-403-© 
4:37;13-«11‘4) 


ITALY 


(• Tricastin 
Tl:20^«4-4) 


PWR, the N4. It builds upon a 
decade's experience with three 
marques of- Westinghouse re- 
actor: the CP (900 Mw). P4 and 
P'4 (nominally 1,300 Mw). The 
N4 reactor will have an output 
of 1,400-1.450 Mw,- making it 
the biggest commercial reactor 
design (outside the USSR where 
there are plans for 1,500 Mw 
pressure-lube units). 

The N4 reactor is closely 
allied to the new French turbo- 
generator. Arabelle. developed 
by Alsthom-Atlantique. Arabelle 
is a 1.500 Mw set. first ordered 
by EdF last year. 

The - N4-based -units will- 
operate at higher steam pressure 
than present units, giving a 
higher thermal efficiency for 
the plant: 37.5 .per cent com-, 
pgred with 34.5 per cent for 
the 900 Mw units. EdF is also- 
proud of trie new control room ■ 
It has designed for the N4. more 
“intelligent' 'than others. 

M Carle -believes the first N4 
unit -will bo ordered for Chooz, 
a site on the -border with 
Belgium, late next year. But the 
main driving force to introduce 
the N4 is not economy — the 
5 per cent improvement m 
generating costs EdF once 
sought has been eroded by 
growing demands • from the 
French nuclear inspectors — 
but pressure from the makers 
.of. Arabelle. -eager, to compete, 
in world markets. So far EdF 


has ordered two sets and taken 
an option on six more. 

Does the fast reactor have 
a place in this programme? M 
Carle, as a GEA engineer, was 
responsible for the construction 
of Phenix, the highly successful 
250 Mw prototype fast reactor 
at Marcoule. 

Dr Georges Vendryes, the 
CEA director responsible for 
fast reactor development,- 
addressing an international 
meeting in Brussels at 9 am on 
February 29, said Phenix. after 
nearly eight years of operation, 
was still running like a clock. 

- -‘But at in am the clock 
stopped." Phenix sprang its first 
leak. Several litres of molten 
sodium found their way into a 
steam, circuit and. caught fire.. 
The reactor was promptly shut 
down,- and- remained down for. 
eight weeks. 

Meanwhile. Superphenix, oyer 
four times as. big. is nearing 
completion at Creys-Malville 
east of Lyons. The construc- 
tion schedule has stretched from 
six to seven years. But with, 
75 per cent of construction com-. 
pleted and all major compo- 
nents finished and mostly 
delivered to site. Dr Vendryes 
is confident that this— the 
world's most advanced nuclear 
power project—- can hold to its 
new schedule of producing 
power- early in .1974. and full- 
power by the end of that year. 


Graham Levar 

- France is no nearer answering 
the question of what to do next' 
about commercial fast reactors. 
The Mitterrand Government has 
postponed any. decision until it 
has operating experience of 
Superphenix. The nuclear 
industry now interprets this as 
meaning no decision before 1986 
— lime, of course. - for another 
big 'surge in oil prices to hit 
Western' economies: 

But from a 1982 perspective, 
or an oil and uranium glut, the 
medium-term prospects for fast 
reactors do not look rosy.- 
Hopes of building four to six 
commercial Superphenix re- 
actors and fund a dedicated re- 
' processing plant to recycle the 
plutonium fuel, have been 
whittled down to two or even 
just one 1.400 Mw reactor, plus 
reprocessing. . . .. 

Should . such a decision . be 
taken, M Carle is confident that, 
EdF would have no difficulty in 
finding a site. He believes .the 
people of both Creys-Malville. 
where . there . is space for a 
. second reactor, and Marcoule, 
which could accommodate two 
units as well as reprocessing, 
would welcome the project. 

For Marcoule, north of 
Avignon in the Rhone Valley, it 
would bring a major new pro- 
ject- into region of the French 
nuclear industry which other- 
wise seems -likely to suffer 
severely from the world energy 


recession in the next few years. 
Just ,a . few. miles north, at 
Pierrelatte, Cogema. the French 
nudear. fuel. company, is dosing 
the major portion., of its enrich- 
ment plant. It lost about '£20m 
last 1 year using this plant -to re- 
enricb uranium recovered from 
spent 'nuclear fuel. 

' Only the high-enrichment 
stages — a very small part of 
the plant — is being retained, 
mainly to- make highly 
enriched fuel for submarine 
P.WRs. ' 

Next door to Fierrelatte the 
leviathan Tries stin enrichment 
plant of Eurodif, in which 
Cogema is majority share- 
holder (51.53 J per cent), is now 
finished to the schedule set in 
1973. So are all four PWRs 
.built by EdF at Tricastin to 
supply, its power. * _ 

But Tricastin U woefully 
short of enrichment business, 
because of cutbacks in the 
nuclear . programmes - - of 
Eurodif s four overseas partners 
(Belgium. . Iran, Italy and 
Spain'). With plans for a repeat 
of the project now . virtually 
extinct, many , specialised sub- 
contractors in the area have had 
to abandon their businesses, 

The one new activity .is a 
PWR fuel- factory employing 
500-600. expected to. come into 
production in 1984. 

At Cogema’s reprocessing 
factory at Cap la Hague, iir 
northern France, the first fuel 
from the French PWR pro- 
gramme was reprocessed this 
year. Here business is looking 
much brighter, with a £2bn 
investment programme which 
includes three reprocessing 
plants, extensive spent-fuel stor- 
age capacity; and a plant to 
vitrify the highly radio-active 
effluent. 

When Remy Carle speaks of 
having a different job from that 
of his predecessor who launched 
the big French nuclear con- 
struction programme, . he means 
.that EdF is now expected t» 
bear heavy responsibility for 
social problems that follow in 
the wake- of a decade .of con-' 
struction boom. Much : of the' 
popular appeal - of nudear 
stations in France has Jain in 
the work each has provided for 
several thousand people at the- 
peak of construction. Up to 75 
per cent in some cases have 
been recruited locally. . 

It is already clear that the 10 
per cent discount on electricity 
tariff for those who live and 
work within 10 kilometres of a 
French nudear -station, auth- 
orised by . the last government, 
cannot compensate for the 
sodal disturbance when a. 
nuclear project comes to an -end. 


20 prints for £2.25 

sendvour KodacdorHilO/126 & 35mm films and we can 
guarantee you: 

TOP QUALITY „ 

Ail prints will be borderless, round cornered and 
hWefinltion sheen. 

EACT CCPUlPF 

On receipt of the films stthe laboratory, we guarantee that . 
KbdacoIbrE-110/126 & 35mm films will be processed in 
48 Hours.. ’ _ 

Pleaseallow for variations In the postal service and the fact 
that mere is no weekend-working in the laboratory. Films 
should be returned in approximately 7-10 days. 

Other film makes and reprints can be processed but are not 
covered bv the 48 hour guarantee and so take longer, 
aeprint prices are available on request we do not accept . 
C22, sub miniature. Minolta or black and white film. 

□Se!apln?poscwe and packing at £0.85p per film plus a 
printing charge of ED.07p p er print. 

Prints are returned by No. of exposures FTFsjjj 

firstdassposttoyour . 12 £1.69 

home, and full credit =5 E2.25 

.isglven for negatives- , — £ 255 “ 

. that are not technically 24 Un- 
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ftps Price 
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' asrmjlet* coupon below and past »: Finmciai Times Film service, 

pobox flS.iaptaw, Maidenhead. Berts SL60Aa. Telephone 0628 70539 

Net* While the utmost care Is exercued to ensuA the safety of til ms 
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from the loa of or damage to anyf Hms. 


KODACOLOR 3110.126 & 35mm FILM 

Please enclose cheque made payable to "Financial Times Film 
Service" and post with film and coupon to: 

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ADDRESS. 



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un process on me basis tnat tne «m value does notexceed material cost and 
our liability Is therefore limited to that amount, 
offer uaiw to si.ilB2. Mini mum. ch arge S5p. 

Registered in England No. 1007290 




•3 -r . 


u 


Ynn’ii welcome the choice value and Visit our newly styled Granary self-service 

■qMty .haronly Ttertouse Fbrte oft* you 


on the motorways today 




iciiauicnua. — ; . 

cold meals. Fresh salads, cold cuts and fruit and 
cheese. Coffee, tea and beverages. Freshly baked 
cakes and pastries. Great club sandwiches. 

Then there are our Little Chef restaurants 

offering friendly waitress service, with “home 
from home" cooking and all the childrens 
favourites. Its no surprise that Little Chef is 
such a regular choice with all the family 




pantry 


LITTLE CHEF 






We promise you clean, attractive and 
‘ relaxing surroundings, and a welcome foralltn 
family We have childrens menus and every 
service area has a special baby changing 
room — some even have 
playgrounds. 


Another favourite is Julies Pantry. 

■And no wonder! Our natural hamburgers 
have been voted the best in thecountry. 

Super fries, shakes, fish and, of course, hot 
apple pie. The choice is yours. 

At service areas featuring the Carvery, 
the choicest cuts are also yours. Carve your- 
self the best of roast pork, lamb or beef. 

The Piknic Shop lives up to its name, 

providing appetising food and drink con 
veniently packaged to take 
away. . . for your picnic. 

And we have our family 
shops... stocked with maga- 
zines, confectionery, tobacco 
and even fresh flowers. If that 
last minute gift catches your 



iiffi 


because we ;price all our pumps in line with 
service: stations off the motorway, and we tell 
you our prices well in advance. 

And behind everything we do there is 
the care and : expertise of the Trusthouse Forte 


iwn f 

5 > 1 > 


-Ll ‘ g 

'• ••’A 


V .. 

T- • ■" 


I ITM *1 


supporting team, from expert buyers to 
food technologists -all committed to 
ensuring that our most demanding 
; hygiene and quality standards are 
always achieved. 

Its .the care youll find wherever 
you see our name. 


^bursfail 


m 



se Fa 


Services 




petrol at competitive prices,tha 


* MO m Fi FFT At RaRNSDALEBAR* Nr Doncaslct' A34/A43 OXFORD* aTRAVELODGEBOOKINGS:0J-5b73444OR j| 001-9696I IL 
imtvw NEWPORT R 4 GNELL* WOODALL M6CORLEY. KEELE.CH ARNOCK RICHARD* M62 BURTON WOOD M5GORDANO M3 FLEET Ai BARNSDALE BAR Nr. Doncast . 

TBEMOTORWAY SERVICES: Ml SCRATCH^ WOOD* 












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Tin 



Financial. Times Wednesday August 25 1982 


24 


Conpaniat and Markets 


WORLD STOCK MARKETS 


NEW YORK 


'Stock 


9 


A OF Industries... EBI* 

AMF 1BJ* 

ARA 2BS* 

ASA 3Bi 4 

Ayx Core 1JJ* 

Abbot Ubi 3lSi 

Acme Clove. 175* 

Adobe Oil A Gas IBs* 
Advanced Micro' 255* 
Aetna Lit® * Gas 36 ■» 
Ahmanson tH-F.l! I3?i 
Air prod ft Cham! 275* 
Akzona...--— — ... Ig’a 
Albany Int.- 25 

Aiberto-Culv*-".... 11 «■ 
Albertson *- — 365 b 

Alcan Aluminium 88 
Aim standard.... 181* 
Alexander ft At... 28 ia 
Aiegheny InL.—J if s* 

Allied Corp ; 34* 

Allied Store*...-. 27 H 
Allis-Ghalmers,... 7t, 
Alpha Portd..— -i 14 3 ‘ 


Aleoa ■? I 

Antal. Sugar J 

Avnax SOW . 20 

Amdahl' Carp 1 245 b ; 21** 

Amerada He**.... J 9 J8 ; 1®‘« 

Am. Airline* 17 H j 161* 

Am. Brands 42s* | 41‘# 

Am HroadoasYg! 44>» 44 

Am Can 30 28 * 

Am. Cyanamld.J 28l» 285* 

Am. Elect. Powr. a 17 ?b 

Am. Express 45J* I 4 

361* 5“ 

8 Tb BSa 

401* 39 'b 

343* 33>s 

265a 26 

3iz 35s 

285b 271* 

61 BOii 

6 B 


Am. O an. Inane* 
Am. Hoist ft DK. J 
Am. Homs Prod.., 
Am. Hosp. Suppy 
Am. Medical Inti | 
Am. Motors 
Am. Nat. Reseas.1 
Am. Petflna 
Am. Quasar Pet-1 


Am. Standard I 33** 

Am. Store*. 47 1* 

Am.Tol.ftTol— ...! 689* 

Ameteklnc- j 27 1* 

Amfac 

AMP 

Amstar 

Amstoad Inda 

Anchor Kockg. .. 

Anhousor-Bh 

Archer Daniels- 
Armco 


185* 

635a 

BOTb 

21 

145a 

BlfiB 

141* 

165* 


18 

75s 

251* 

26 


Armstrong CK ...I 

Asamera OH 1 

Asarco- 

Ashland Oil- , 

Assd.D. Goods... 36 s 

Atlantic Rich | 36Ja 

Auto-Data Prg ... 22** 

Avoo I 21 U 

Avery Inti : 26 ^ 


22ie 
471* 
661 b 
27 
181* 
50is 
20 $a 
2158 
15 
62 
141* 
161* 


16ig 
7U 
34B* 
245* 
35 Is 
35 
2158 
205* 
251* 


Aynftt 41 I 40 

Sm nod 22i* | 217, 

Baker Inti 216s . 2Qis 

BaTt Gas ft El : 28^ 28S« 

Ban Cal -i JS*8 J6^ 

Bangor Punta ...• ljjf* 12 U 

Bank America .... 171* 175 b 

Bank of N.Y. 1 41 403 B 

Bankers T*t N.y3 326* 817* 


421b 
38*4 
21 
47* 
20 U 

147* 

501* 

20 

165* 

157* 

133b 
281* 
237* 
20 
256b 
33 T a 
255 b 
261* 
60 
195s 
14 >r 
33'* 

37 ij 
141a 
331 b 
21 3* 


Barry Wright ! 153 b ! 14»* 

Bausch ft LombJ 40 
BaxtTrav Lab....! 39k 
Beatrice Food*...] 21 

Baker Ind* 47* 

Bell ft Howell ... 205a 
Bell Industrie! ... 156g 

Bondlx 51 

Benendal 2 Q& > 

Beth steel J 

Big Thee Inds-. 16*1 
Black ft Docker..; 

Block HR 

B ue Bell 

Booing. - | 

Boise Cat cade-.. 

Barden 

Borg Warner 

Briggs Strain 

Bristol-Myers-. .. 

Brockway Oiaie.! jji* 

Brown Ftrman B| 32 

Brown Grp f7j* 

Brown ft Sharp.. ! W*« 
Browng Ferris. 

Brunswick 


137* 

29 

245* 

21k 

29 

347* 

27 

27 k 

605* 

19>l 


34k 

227a 


Stock 


Aug.' 

25 


Aug.' 

20 


Columbia Gas .... 28k 
Combined I nt'.„: 22 
Combmtn. Eng J 25s* 
Cm with. Edl«onJ 24 
Comm. SateiiteJ 6ist 


283* 
21 
285s 
24 
58 k 


GL At). Poo- Tea. 
OL Basin* Pet 
GtNthn.Nekoe*a| 
GL WestFInanot 

Greyhound..—.. 

Grumman- 

Gulf ft Weatem. 


Comp. Solenoe... 

Cano Mills 

Conrac I 

Cons Edison ..... .| 

Con*. Foods. 


14k 

287* 

26k 

19k 

353* 


Con* Freight ; 46 


Con. Nat. Gas 
Conmuer Powerj 
ConLAJr Lines... 

Conti. Carp- 

Conti. Group 

ConU. Illinois 

Contl.Teleph 

Control Data 


22 k 

IB 

45* 

223, 

29 


14 
29 
247* 

19k 
35k 
453b 
22 
17Ta 

4k 
23k 
29 k 
161 b i 16k 
167* ; 16 L* 
28k 265* 


Cooper inds... —■[ fjpB 
Coors Adolph-...; 
CopperweW....... ; igk 

Corning Glass ....i “J 

Corroon Black..- 20 Jb 
C ox Broaurfasfg 2fk 

Cracker Nat 24 

Crown Cork 24k 

Crown Zell ifs* 

Cummins Eng — 32 
Curtlss-Wrlght— ! 3| 

Dana - -I 26S* 

Dart ft Kraft I gBk 

Data Gen 235a 

Dayton-Hudson .. 40 k 

Deere- .J 255a 

Delta Air 29k 

Denny's. 263* 


Dentaply Inti | 24 


Detroit Edison....; 

Diamond Inti ! 

Diamond Shank-i 

DIGIorglo 1 

Digital Equip — 

Dillingham 

Dillon -—I 

Disney (Walt) 

Dome Mina* 

Donnelly iRR) j 

Dover Corp | 

Dow Chemical 

Dow Jonee 

Draeaer 

□r. Pepper 

Duke Power 

Dun ft Brad | 

Du Pont 

EG ft p - 


12k 
40 
1B5* 
95* 
75k 
18 
22k 
56 k 
95* 
44k 
19 
24k 
405* 
155a 
14fis 
227a 

74k 

347* 

185* 


21k 

ilk 

14 

4BI* 

20k 

29 k 

217g 
24 k 
24 
18 k 
an* 

351* 
65a 
25k 
58 k 
22 
393, 
237* 
28 k 
265 b 


24 5b 
12 k 
391 b 
18k 
9k 
71 

117* 
23k 
66 k 
S&s 
445* 
19 
£3 
405, 
135a 
15k 
223* 

72k 

34 

175* 


GUI! Oil 295a 

Hall (FBI ... 

Halliburton gjjk 

Hammermlll Ppr 24k 

Handleman »4k 

Hanna Mining —. JfJs 
Harcourt Brace- 14k 

HarrisBancp *6k 

Harris Corp...— B3k 
Harsco “** 

Hecia Mlnlng—.-j ll^i 

Heinz (HJ) - 

Heller Inti 178a 

Hereules 20 a 

Hershey «k 

Heubleln S4l* 

Hewlett Pkd ! 47 k 

Hilton Hotels I 34 k 

Hitachi 1 ®3i* 


Holiday inns 307* 

Holly Sugar 38 k 

Homesteka 29k 

Honeywell 68k 

Hoover - .®i* 

Hoover Unt | IB s 

Hormel Geo.V— . lfk 
Hospital Co rp.._.| 37. a 
Household Inti—.. 215* 


Eaeoo...— | 1 ®k | 1® 

Eastern Airline*. 5 *b S 
Eastern Gas ft F. 17k 17k 

Eastman Kod*KJ 797* 78k 

Eaton - 2*3* 24k 

Eehlln Mlg J JJY 

EcWiord Jack...... 19.* WSa 

Electronic DataJ 30 28 k 
Elect MamorleaJ 37* 4k 

Emerson Elect-, 48k 465* 

Emery Air FgL.J 8k ®k 

Emhart - J 31U 30k 

Engelhard Oorp-| 235* ! 22 1» 


Ensarah 1 

Esmark — 

Ethyl I 

Evan* Prod 

Ex Cell O — 

Exxon- 

FMC. 

Faberge I 

Fodders — 

Federal Co 

Federal-Mogul...., 

Fed. Nat. Mort....| -- - , ... 
Fed. Paper Brd-i 21k i 21k 
Fed. Reaourees..| Of* 

Fed. Dep. Store* 43 k 1 *“* 

Fletdorest Ml I }®^ 

Firestone— 

let Bank System, 29k 
1st Charter Fin..) 13k 


Buayrua-Erie ...... 

Burlington Ind .. 
Burlington Nrthni 

Burndy 

Burroughs. 

CBI Inds. 

CBS 

CPC Inti- 

CSX 

Campbell Red L. 
Campbell Soup- 
Cam pbell Tagg -I 


113* 
211 * 
39 k 
10k 
344, 
30 k 
41k 
35k 
44 
145* 
36 
343* 


Canal Randolph.' 373 a 


Can. Pacific. 

Carlisle Corp 

Carnation - 

Carp Tech..—. 

Carter Hawley— 

Caterpillar 

Colaneao Corp—! 

Cental 

Cdntex— , 

Central ft 6w 

Central Soya. 

Certain-teed 

Cessna Aircraft- 
Champ Homo Bid 

Champ InL 

Champ 8p Plug- 

Charter Co 

Chase Manhattn 
Chemical NY— J 
Chesebr. Pond... 
Chieago Pneum. 

Chrysler..— 

Chubb — 


23 k 
21 

35 k 
315* 

125s 
39k 
473, 
283* 
25 k 
16 k 
103* 
14 
16 k 
3k 
15k 
8k 
95* 

36 
323* 
358* 
116a 

8k 

34 


Ilk 

20k 

36Sg 

157* 

33 
30k 
393, 

34 • 
407* 

14k 
39k 
347* 
37 k 
233* 
22 
335* 
30k 

12>* 
3Bk 
47 k 
28 k 
B4k 
16k 
103, 
123, 
15 k 
3 

145* 

8k 

83* 

34k 

32 

33 k 
Ilk 

84* 

325* 


Cigna — ...... .) 

Cincinnati Mil — 

Citicorp 

Cities Service-.- 1 , 

City invest. , 

Clark Eaulpmentl 21k ? 
Clave Cliff* Iron.) 19 k | 

Ctorox 18 k 

Olueltt Peaby — 15 s * 

Coca Cola- 40 

Colgate Palm..... 17*» 
Collins Alkman.J 13k 
Colt inds 1 25k 


37k I 373, 
Blk 213, 
26k 1 2&k 
423* ; 45k 
20k ) 20 
21k 
17 k 


15 
15k 
375* 
17 k 
13 k 
24k 


173* 
437* 
253e 
95s 
26 k 
28 
28 
17k 
3 k 
22 
20k 
135 b 


167g 

43k 
245a 
9k 
265a 
273a 
27i a 
IB I, 
3 k 
215 b 
20 
13k 


IBS, 

11 

29 

13 


1st Chfongo ~| 

1st City Bank Tex; 

1st Interstate 

1st Mississippi — 
1st Nat Boston... 

1st Ponn — — 

Flsone. 1 

Fleetwood Ent-l 

Flexi-van | 

Florida PwrfcL-i 
Ford Motor...-..., 
Foremost Mck—i 
Fo»tervyheeler... 
Freeport McM.... 1 

Fruehauf 

GAF 

GATX — 

GTE Corp. - 


175i 
185 b 
26 
83a 
23 k 
3k 

67* 
20 k 
217* 
355* 
27 k 
35 
Use 

15 

16 
10 k 
2458 
31k 


G«n net— 377* 

Gelco —I }9 

Gen Am Invest...; ISk 

Gen Cinema 47 

Gen Dynamlos ... 31 «b 

Gen Electric ! 7ik 

Gen Foods j 3® 

Gen Instrumentsi 31k 

Gen Mills ' “** 

Gen Motors - 

Gen Pub Utilities 

Gen Signal — 

Gen Tire 

Genesee ........... 


444* 
493* 
55* 
34 k 
24 
4 


175* 

48 

253* 

8 

23 

3k 

6k 

19 

21S« 

35k 

25*4 

32k 

103* 

147* 

154* 

gi, 

23k 

50k 


37 k 
17 k 
15k 
46 
295* 
70 
39 k 
29k 
447# 
474* 
Sk 
34 
233* 
37g 


Genuine Parts....; 35k ; S*k 
Georgia Pac.. — ifk 17k 

Gerber Prod ! flk 20 i 

Getty Oil j 57 , , 46'* 

Gillette -Wk 40 

Global Marine.—. 9 83* 

Goodrich i BF1 — lflk 1 19k 
GoodyearTire ... 257, | 24 

GOUkl — — I *0*2 

Grace- -.1 34k ! 3|k 

GraJngariW.W).-.! 40k | 0 s1 * 


ttook 


Aug. 

23 


Aug. 

20 


Stook 


A 2 U 3 q - 


Aug. 

20 


83* 

lk 
33 
16 k 
!4S8 
36 
143* 


Houston Inds 
Hudson Bay Mng. 

Hughes Tool. 

Humana - 


20k 
Ilk 
18 k 
28k 


• Sk 
lk 
32k 
15k 
14k 
353, 
13k 


29 
26k 
227a 
23 k 
147 B 
19 
14 k 
25k 

23k 
15k 
111 * 
5lk 
17 k 

204s 

432) 

53 k 

44k 

33 

221 b 


297* 
37 k 
2S k 
64k 
9k 
181* 
18 k 
37 
21 
20k 
ll'l 
17 
28 k 


MGM. — ... J 55a 1 5k 

Metromedia ;218 ,222 

Milton Bntdey 
Minnesota MM... 

Missouri Pac 

Mobil 

Modern Merohg 
Mohasco....... «... 

Monarch MIT — . 

Monsanto-.. 

Moore McCmrk-| 

Morgan UP}—. 

Motorolo - 

Munslngwear- . 

Murphy iGC) 

MurhyOil - 

Nabisco Brandt- 
NalcoChem- I 


18 U 

60 k 

58 k 

22 k 

12k 

10k 

154* I 

71 

141* 

635* 

677* 

Ilk 

14k 

187* 
35 


177* 

587 B 

56k 

21k 
m* 
10k 
15k 
70 
14k 
52k 
65k 
Ilk 
14 
187g 
I 35 


Stook 


| Aug. I Aug. 
| 23 | 20 


33 k 


Sohlumborger 

ScM 

Scott Paper ... 

Saaean 

Seagram 

Sealed Power 
SearlejGD) . ....... 40 

Bears Roebuck-! -g 
Bacunty Pac. • 2 9 k 

Shell oil. Ja 

Shell Tran* \ 27k 

Bhorwln-Wms—.. 27k 

Signal 

SIgnode - 


35k 1 537* 
23k I 22k 
15k I I6k 
237s | 22k 
52 k | 31*8 
34 



profit-taking on Wall St 


22 k 1 21k 


171, ! 
22k 


Nat Can — ... J 

Nat Detroit I 

Nat Diet Chem.; 22k 

Nat Gypsum 30i a 

Nat. Medical Enti 17 k 
Nat. Scmicductr. 17 
Nat Service Ind J 26k 
Nat Standard...' 8 

Nat. Steel j 

Note mas 1 

■ NCNB 1 


161* 

164* 

13 


NCR 

New England El. 


59 k 
31ig 


NY Stato E ft G— 1 l®k 

NY Times 

NewmontMlningl 
Nisg.MohawlC.-i 
NICORlne 26k 


Nielsen (AO , 

NL Industries. — 1 
NLT — -I 


504b 

184* 

41k 


Husky Oil 4s* 

Hutton lER 30k 

1C Inds. 2f k 

lUInt 14 

Ideal Basic Ind-. 137* 

Ideal Toy 14k 

ICIADR - 6 

Imp Corp Amor- 81* 

INM 8‘* 

Ingersol Rand — j 41k j 40k 

Inland Steel 206* . 20a* 

Intel 32 k I 30k 

Inter First Corp-I l® 5 * J®, 

Intertake I 27 k I -27k 

IBM I 62k | 6BI* 


4Fb 

287* 

26k 

13k 

134* 

14k 

6k 

B 

8k 


50k 

29 k 
3B7 8 

30 

3 k 
56 k 


Norfolk southami 

Nth. Am. Coal 

Nth. Am ./Philips. 
Nthn. State Pwr- 
Northgate Exp.. 

Northrop 

N West Airlines.. 
NWestBancorp.. 

Nwest Inda - 

Nwestn Mutual.. 
Nwest Steel W.„ 

Norton- 

Norton Simon—. 
Occidental Pat...| 
Ocean Drill Exp-' 

Ogden ; __ 

OgllvyftMrth 33 

Ohio Edison 

Olln - 


167* 
22 k 
20 Tb 
20 k 
16 
15*8 
25 k 
8k 
16 
16k 
13*8 

567 b 

307b 

18k 

373* 

385a 

16 

37k 

481* 

164* 

414* 

48 k 
286a 
38 
296 b 
3 k 
52k 


Simplicity Patt. 

Singer — ■ 

Skyline.... 

Smith Inti 

Smith Kline BOCK 64k 
Sonesta Inti- 


louthaast Baiikg| if 1 * 
Sth- Cal. Edison J a4k 

Southern Co. ! 

Sthn. Nat. Ras....i 
Sthn. N- Eng.Tel. 

Sthn. Pacinc 

Southlands 

S.W. Bancsharw 

Sperry Corp 

Spring Wills- 

Square D 

Squibb 


30k | 291* 
21 l 197b 
36 I 36k 
10k ! 9k 
17k I 16k 


26 k 
20 
20 k 
17 
10k 


14 k 
18k 


Inti. Flavours 241* 

I nU. Harvester.... 4k 
Intl.lnoome Prop fk 

Inti. Paper 43 

IntRectlfier 8S* 

Inti. Tel ft Tel— .i 26k 

Irving Bank. 37k 

James (FBI-.—. 1 227* 

Jeffn-Pllot I 254* 

jewel Cos— 34 k 

Jim Walter I 2SSa 

Johnson-Contr.-j 24S* 
Johnson ft Jnt—.l 44 
John than Logan J 14k 

Joy Mnf. I 214* 

KDTInd. Inc- Ok 

K. Mart I 20k 

Kalsar Alum— ...| 136a 


KaiaerSteel J7 

Kaneb servloce— ! 13k 


Kaufman Brd, 

Kay Corp- 

Kellogg--.. 

Kennametal 

Korr-MeGoe 

Kldde 

Kimberly-Clark 
Knight Rdr. NwsJ 

Koppers- — 

Kroehler. 

Kroger — 

LTV 

Lanier Bus. Prod 
Lear-Slegler 
Lease way Tran*; 


9k 
9 k 
267 S 
£4k 
265* 
19k 
61k 
334 b 
148b 
8 

39k 

9k 

IB 

23k 

29k 


Lenox- -—I !®{ 4 

Levi Strauss. |5k 

Lavlta Furatr.--. 28k 
Ubby Owene Fd. 215* 
Uly (Ein......— .... 

Lincoln Nat 

Litton Inds. I 

Lockheed —| 

Loews- ..——I 

Lone Star Inds— 
Longs Drug Strs. 
Louisiana Land— 

Louisiana Pao 

Lowensteln 

Lubrlzol- 

Lucky Strs - 

MlA Com. Inc. 

MCA- 

MacMillan — 


50 
37 k 

371* 
605b 
965* 
23 k 
31k 

23 
lass 

24 k 
164fl 
14k 
15k 
65 
135 b 


Mao- -—..-.! 38 

Mf era Hanover—. 28k 
Manvfile Corp. .... 7k 

Mapco 24k 

Marine Mid 15k 

Marriott 40 J* 

Marsh Mclenn... 1 34k 

Martin Mtta | 30k 

Maryland Cup— 36 

Masco 35 

Massey Fergn. ... 1*» 

Maes Multi .Corp.i 18k 

Mattel »«k 

May Dept Strs... 29k 


24k 

4 

8k 

417* 
8*8 
26 k 
36 T| 

22k 
254s 
325* 
25 
24 k 
43k 
15k 
21k 
Ok 
19k 
13k 


16k 

124a 

8 

93*' 
25k 
24 U 
245* 
18 k 
60T S 
31k 
13k 
8 

373* 

94* 

163, 

231* 

29 


37k 
255* 
277a 
214 b 
48 
354* 
374a 
B7k 
91k 
22 
31 
217* 
1948 
24k 
16 
141* 
15 
63 k 
13 k 


37 

28k 

8 

233* 

15k 

39 

333, 

304* 

344b 

35 

lk 

187* 

12k 

276b 


26k 
20 
194b 
16k 
19 
32 
14k 
18 
14 k 
251* 


24k 23 

12 k ; 13 

204* | 20k 

Owens-Illinois 244* ■ 24 

PHH Group I 32 I 21k 

PPG Inds j f«*4 

Pabat Browing... lf J * 

Pac. Gas ft Elect 26k 
Pac. Lighting . — 25k 


O marie i J4k 

OnecK. 1 84k 


Outboard Marinel 
Overseas Ship—! 
Owens-Coming 


Pac. Lumber I 20k 


39k 
17 
27 
24 k 
20k 


Palm Beach- 

Pan. Am. Mr , 

, Pan. Hand Pipe... 

I -Pariter Drilling .. > 

Parker Hanfn 

Peabody Inti -| 

Penn Central 

Penney (JO 

Pennzoll —I 

Peoples Energy-! 

Pepsico - 

Perkin Elmer I 

Petrie Stores 

Petrolane 

Pfizer I 

Phelps Dodge-...| 

Phita Elect 

Phllbro Sal’n Ino. 

Philip Morris- 

Phillips Pet ! 

Pill bury 

Pioneer Corp 

Pitney- Bowes 

Plttston 

Planning Reich, 

Plessoy — - 

Polaroid— 

Potlatch 

Prentice Hall 

Procter Gambia. 


15k 
3 k 
25 k 
9k 
16 
5k 
214a 
43 k 
27 k 

Bk 
42 
20 k 

23 
Ilk 

623* 

22 k 

15k 
32 k 
525* 
26k 
41k 
14k 
36 k 
13k 
65a 
88 
24k 

24 
27k 


153, 

34b 

25 

Bk 

154b 

5 

21k 

42 

25k 

Bk 
41k 
19 k 

23 k 
11 
595* 
217a 
164 b 
297 S 
50 
25 k 
41 
12k 
35 
13 k 

65* 

893b 

236* 

24 
25k 


93k l 927 b 


Pub.serv. EftG., 23 
Pub. s. Indiana... 237 B 

Pu roister 26 

QuaKarOats 40 

Guanex 

QiiRt ter I 13*2 

RCA—... 204b 

Raison Purina... WJa 

Ramada inns 4k 

Ranh Org. ADR... 24* 

Raytheon- 404a 

Reading Bates... llj* 

Redman inds JSJb 

Reich hold Chem UJe 

Repubiicbanc —I 23k 


L Republic Steel...; 
Resch Cottrell— 
Resort Inti A — 

Ravco (DS) — 

Revere Copper- 

Re vlon — 

Rexnord 

Reynolds iRJ}-...' 
Reynolds Mtl*. ... 

Rite Aid- 

Roadway Exps„ 

Robbins (AH) 

Rochester Gas... 
Rockwall Inti «... 
Rohm ft Haas-... 
Rollins— — — 


153* 
11 
187b 
33 k 
87 b 
285a 
10 
464* 
227* 
33k 
45 
14 T* 
15k 
37 
68k 
18k 


I 22k 
24k 
! 27 
! 39 
! 81, 
| 13 k 
! 20k 

I X 4k 

23* 

39~b 

10k 

14k 

12 

83k 


17 

107s 

19 

306b 

9 

873* 

97a 

45 

825fl 

33k 

463, 

14k 

147* 

345b 

54 

Ilk 


Maytag I 

MeCuliooh 

McDermott (JR)..: 

McDonalds 787* 

McDonnell Doug 394a 
McG raw Edison..' 864* 

McGraw-Hill J flk 

McLean Trukg ...; 17k 

Mead : 

Media Genl._ I 377* 

Medtronic \ 38 Jj 

Mellon Natl 31k 

Melville Slk 

Mercantile Sts— 72k 

Merck 74s* 

Meredith 61k 

Merrill Lynch —! 307* 


32k 321* 

71* 1 77* 
17k | 16** 


77 
36k 
26 k 
503* 
17sa 

164* 

37 k 
39 k 
30k 
494* 
72 k 
71k 
60k 
297* 


Rolm — ! ?J 

Roper Corp.. 

Rowan — 

Royal Crown 

Royal Dutch 

Rubbermaid 

Ryan Homes 

Ryder System .... 

SFN Companies- 


Ilk 
9k 
18 
323* 
40 k 
201 * 
35k 
22k 


SPSTechnol.gies 187* 


Sabine Corp 

Safeco. 

Safeway Stores.. 

St Paul Cos. 

St. Regk Paper., 
Sante Fe Inds. .. 

Saul Invest. 

Sobering Plough, 


303, 

337, 

343* 

427* 

21k 

183* 

6k 

34 


277b 
105* 
B5* 
17 k 
33k 
39 k 
19 
35k 
22 k 
12 k 
30 k 
33 k 
35 
417* 
2H* 
18k 
5k 
33 k 


no recommendation 
holders. ' 


to share. Y10 to Y555, Suzuki Motor Y14 lone-term ^poU&«l future i wbeo 
to snare- yid to xwj Y 12 to the lease front CbfauMra the new 

to Y5W. uowa Wjjuv lerritories expira in 1887 eon- 


17k 

62k 


FOLLOWING Monday’s further 

I iiniur 8 * to an eiSfbt-moiitD mgn. CTr Sumitomo Metal mining lemiones expiree m mt evu 

sr , wftMsas l 5& 

at 265 51 at 1 pro. Volume 5.S7m trie Y20 to Yom 

^ ,■ Germany 

Canada B(mise - prices 

Markets were Inclined to gain easier tendency, farting *> 
fresh ground in active earix tahi the recent advance 


29k 

257b 

30 k 

274, 

27k 

17 

61H 


7k 
13 
IBU 
18k 

64k 

12k 1 12k 


7 k 

12 k 
185* 
20 


yesterday morning as the instito 
tions started taking profits. How 
ever the rest of the market was 
Ed“ Wgter. while ove«il 
trading volume remained ex- 
tremely heavy. 

The Dow Jones 
Average Blue Chip 


Industrial 

indicator, 


The Hang Seng- index, which' 
gained 32.97 th« -previous day, re- 
ceded 32.77 to 1,03188. Turnover 
contracted to HK$lS3.02m on the 
e®. four' exchanges from Monday’s 
HKS299.53HL- . • . . .. 

Hongkong and Shanghai Bank- 


1290 
16k 
35k 
14k 1 14k 


27 

457a j 
07 k I 
361* | 
22 k ! 
241, I 
30 

24 k 1 
395* 


STD Brand* Paint) 2Bk 

std Oil Clifornia.) ®7k 
Std Oil Indiana... 

Std Oil Ohio. fOk 


Stanley WK*. 
Stauffer Chem.. 

Sterling Drug 

Stevens iJ.PJ 

StoKely Van K .... 
Storage Teah..—i 

Sun Co 

Sundstrand I 

Superior Oil 

Super Val Strs.-! 

Syntax. . 

TRW 

Taft 

Tampax. 


Tandy 

Teledyne 

Tektronix j 

Tenneco 

Tesora Pet 

Texaco 

Texas Comm. BKj 
Texas Eastern ...| 
Texas Gas Trn ...; 
Texas Instr’m ta ; 

Texas Oil ft Gas .. 

Texas Utilities ... 

Textron ! 

Thomas Batts .... 

Tidewater 

Tiger Inti j 

Time Inc : 

Time* Mirror— ..*i 


15k 

20k 

23 


247* 

46 

27k 

34 

23 k 
23k 
28 k 

24 
371b 
265b 


26 k 

373, 

29k 

15 

20 k 

23k 

13k 


29S* 

291* 

201* 

1834 

281* 

29 >* 

33 in 

313* 

24J* 

23 

21>« 

203fl 

433* 

401* 

543* 

64 U 

291* 

20i* 

393* 

387* 

271* 

251* 

841* 

81 >4 

38 >* 

37 

26 

26 

151* 

lbln 

281* 

27 ■* 

293, 

2B J , 

413* 

413 4 

246* 

25 

90 

863* 

22 >* 

21U 

24 U 

24Ar 

201* 

205a 

411* 

411* 

IB 1 * 

16<a 

7'fl 

7U 


29 k 
41k 


45k 
4k 
141* 
8k 
27 k 
. 20 
I 20 k 

Trans World • 1®[« 

Travellers. 1 20k 

Tr I central ok 


Timken 

Tipperary 

Tonka. 

Total Pet 

TTane — 

Tran same rlca.... 
Transway 


Trl Continental., j 


Triton Energy 

Tyler ... 

UAL- ; 

UMC Ind*. ! 

Unilever N.V 67k 

Union Camp 498* 

Union CarWde....l 49k 


19k 

12k 

155fl 

194* 

87* 


30 

4lk 


445b 
4k 
15 
8k 
29k 
19k 
244* 
19 U 
19k 
6k 


195a 
12k 
14 k 
18k 
9 
67 
484* 
48k 


Union Oil Cal I 24s, j 235, 

Union Paaifle-...' 3|k 33 

Uniroyal ■ 4*" 

Untd. Brand*...... 1 7 

Unt Energy Res.; |5»B 
US Fidelity G 1 37 


37 k 
16k 
9 
33 


US Gypsum... 

US Home 1 

US Inds -I 

US Shoe 

US Steel - 

US Surgical - 

US Tobacco 1 47 k 

US Trust...... | f|k 

Utd.TechnoIgs..., 46 j* 
Utd. Telecomms.; ifk 
Upjohn j 43 ? « 

Varlan Aseocs. ...| 37k 
Vemltron — 1 8 s * 


Virginia EP- [ 14* 

Vulcan Matris —J 39 
walker (H) Res... 15k 

Wal-Mart Store* 32 k 

Warnaco -[ 32k 

Warner Comma-; 
Warnar-Lambt—i 
Washington Post 37 k 


7 k 
7 

243* 
36k 
337a 
16k 
9 k 
32 


187b ! 19 k 
21k I 21k 


Waste Mangt — 

Weis Mkts. 

Wells Fargo- 

W.PoInt Peppi- 
Western Airline. 
Westn- Nth. Am... 
Western Union...) 31 
Weatinghouse ...| 307* 

Weatvace *0k 

Weyerhaeuser —1 2B4b 


34k 

26k 

23 k 
28>« 
4k 
B5a 


Wheelobratr F.... 31k 
Wheeling PitU-.; 13 k 

Whirlpool • 

White Consoltd..- 

Whittaker I 

Williams Co ; 

Winn-Dixie Str— 
Winnebago ' 

Wise Eioe Powori 

Wool worth 20 

Wrigley | 343* 

wyly _® « 

Xerox I flk 

Yellow Frt Sys -| Ifk 

Zapata 13 k 

Zenith Radio i 11 


36i 

26k 

205* 

14Sa 

37 

7k 

23k 


Indices 


NEW YORK —DOW JONES 




Aug. ; AUC 
20 | 19 


A l“# 




Aug. - 

16 i 


1482 


Since cmplFtn 


High Low | High Low 


elnduitr'I.'MI.l? 1 B89.ZB| 858.67: «a-« | 831J47,2.S3| mg 
H'mo Bnds.' 68.67! 62.B1 j 82.04 B2.is] 81.38; BO.Ml 


lISlE) 

82.67 

(!3|8) 


Tran.pOrt.>.Elj 324.04 3I4.B2I 5 16 J2|3 14.62,239.31 1 SUM 
Utilities :i16.22|ll6.SB| 112.17! 111.7B|112J8,IC7J8| IMS 


776J2 ‘ 1061.70 ' 41^2 
11218) <11/1/761 (2/7/62) 
66.67 I - “ 

mm i ; 

292.12 i 447.38 < 12J2 
1 12/3) {18)4/811 IB/7/52) 

105^22 168.32 10J 

160/7) (2014/601 28/4/42) 


Tr OTO- S f VO, 'lll.SI0 96.890' 79^711 j 162, 89o' 92.88D'5B,«0| 

_ | _ - - 

• Day’s high 894J2 low 861.68 



— : Aug. ao ; 

Aug. 13 

Aug 6 Year ago (Approx 

Indust’ldlv. yield* 1 e ^ 3 : 

7.08 

7.13 • 6.01 


STANDARD AND POORS 


1982 iSineeCmpH't'n 


w 


Am 


20 


! A “S" 


f\V 


♦GompVte! mill 613.024 lea.ifii m* 


Aug. 

16 


High Low ! High Low 


:lnduat'l* -j 1293* ».«! 121J5 j ^ 

1 -* *"* BBj 109,04' 104.09' 


122.74 

(417/ 


114.08 160.66 j 5.52 

1 1 12/ai uannu mtm 

; 102.42 1 40^2 j 4.407) 

f 12/61 l/26/H/Sa:1/6/5g) 


Aug. 11 ! Aug. 4 


Year ago (approx 


indust’l dlv. yield % 

5.94 

6^8 

— 

6.08 

4.85 

lnduet’1 PIE ratio 

7.53 

7.14 

7A0 

9.53 

Long Gov. Bond yield 

18.05 

13.11 

I - 13JJ4 

13.67 

NY. S.E. ALL COMMON 



Ritas and FaJIa 

(Aug 23 Aug 20 Aug 19 


a 2 t *i“i 


66.38Mb6aj6S.B7j68.3a} 


1988 


Jllgh 


71^0 

(4/D 


Low 


68.80 

( 12 / 6 ) 


Issues Traded 

Rises.- 

Falls 

Unchanged- 
New Highs...,—.' 
New Lows 


1,992 

‘■IS 

in 

9 


1^43 

L382 

273 

288 

139 

21 


1,918 

788 

714 

422 

49 

22 


MONTREAL 


industrials 

Combined 


V 


AUS 


277.SH! 278.24! 


ZB4'86i 282 JO 266^fl 2MJ1 


TORONTO Composite | 1543.1 


1624,9i 1487.6 


Aug 

18 


263.98 


High 


652.79 (4.1) 
316.06 (4.1) 


147 1.9* 1966 j (4.1) 


LOW 


249.68 (21/6) 
237.27 (2116) 


1562.2 (7/7) 


Monday, 


Stocks Closing 
traded price 

Exxon 1.955.700 

Sears Roebuck 1.MU0O 
General Malor 5 l.S 8 l.OTO 

|D64 1.5w.W0 

Jkrd Motor -. 1 J50.100 


NEW YORK ACTIVE STOCKS 

Change 


28k 

23xd 

49 s , 

69k 

27k 


on 
day 
+ », 
+ 1 
+2 
+ik 
.+ i‘« 


Am. Tel. ft Tel 1.1M.6DD 
Cities Servico 

Sony I 1 MM HX) 

Tandy 

Fed. Nat. Mort. 


Change 

Stocks Closing on 
traded price 
»*, 

42L 
13 s , 

27k 


923.400 


day 
+ 21. 
—37, 
+ 1*a 
+2 
.+. *, 


- fc dealings. The Toronto Coin-Wall Street’s further surge to ^ iff cents to HKS9^5 

which had rallied 114 points jg was 7.0 higher at an eigM-month high overnagM: 0 I jt s. interim profits 

n— ..act eA'.’pn business days, nad . Asi nnri r. 1 nnacators were . ...MMiMf avmvttMl later 


tag- w ^ Sni 

receded 10-46 to 880./1 by 1 pm Gas rQ3e 15 _ 0 t0 


vcsierday. The N'YSE AJ1 
Common Index slipped, 1/ cents 
to S60.19. although r,MS 
scored declines by almost a tkree- 
rn-two margin- Turnover sag* 
further to 96.09ra shares from 
the 78.54m registered at 1 pm on 

when the second- 
full day’s volume in 


while Oil and 

2,609.9, but 

Golds retreated 43.4 to 2,326.1. 


Tokyo 


7,1 on day. 
heaviest 


Dealers said Operators • were 
holding back ahead of tomor- 
eow’s meetring of the Bundesbank 
Council The Commerzbank 

index shed 2.0 to 673.4 after 
rising about 2p points m the 
prior two sessions. ’ 

News of a smalier-mari- 
expected West Goman July 
current account deficit 


was 


announcement, expected later 
‘that day. 

Switzerland 

Wuoved by the continued 
sharp Wall Street rally and Mon- 
day’s reduction in rates for 
medlum-terin > notes by the 
Zurich Cantonal ' Bank, fbe 


to 246.4. 


Australia 


Further bolstered by Wall 

Streets continued buoyancy 
overnight. Lower interest rates 

in Japan and tire U.S- and the , . ------ - — t t , ' . v_.j 

n r«. — . — -■ was yen’s recovering trend, export- received positively but although marketadvanced wer a broad 

NYSE history of llO.iitii was orien taied Blue Chips a«ajn led u boosted the D-mark, share f ro nL The Swiss Bank Corpora- 

recorded. . , the Tokyo market Into higher values were hardly affected- tion Industrials Index rose 4.0 

Hildegarde Zagorski of Bacne ^ yesterday. How- Financially-stricken ELectri- 

Group. said some bacK-traain„ w a n - umber ^ rises were ^ concern AEG. against the 

is to be expected alter uie ^ and some issues background of talks in Bonn on 

record-breaking rail) « tne p ended lower on the day. as m- Sts pjjg i.ibn credit guarantee 

week. ctnrks that vestors became cantious about request, fell DM 1.80 to DM 31. 

The Blue (-hip stoi.fc> uiat thg tempo ^ markets H 

W K eret mJL-p?i est a b dvamS were ***** in ™ ceat sessioa 5 fn>m a Johannesburg 

the Di3TK“i s duvrtUL _ . two-year low. D 

among the weaker issues yester- Nikkei-Dow Jones Diamond issue De 

day. s =hed Average, however, was still featured weakly on °®! ws f ? n aiieruuvu *r — ^ — 

On the a^ llves A lst ^ 1 Se ? re lc'a6 ahead 3550 at 7,08859 on the halved interim dividend, f 0 How-thrmi^i buying. . - - 

Si to S22I. IBM S3 to SBi. ^ after Monday's advance of to R5-25 before ending a net Broker3 said overseas buying 
General Motors Sli to s ana ^ The Tokyo SE Index 43 cents down at R5.42. orders dominated-the base metals 

Ford Si to S26L All these issues ao6 at 527 . 06 , while there With the Bullion price ad van- sector initially, which was again 

dosed at new 52 -week highs on wflS a reasoasb i e tumover of cing afresh yester dp re London ^ focai point of market due 

2S0m shares (240m). but ending well to higher metal prices and the 

Electricals, Motors, Computer best. Gold shares failed to main- rallying ~ ’ J ” — 


213 

47 

343* 

4512 

lass 

41 s * 

53 s , 

56 1 ! 

81* 


14M 

40 

147# 

29X* 

321* 


Metal Mining and some OU and 
Gas Issues led markets ‘into 
higher ground dt" the outset 
yesterday, but itoe upward 
momentum was lost during the 
afternoon due to insuffirient 


Makers, Optical Fibres. Steels, tain' their recent .raUy priee . 

— - ■ *- easier- t*ano- „ 


Monday. h*- cii 

Also lowere were ATT, n> w* 

to S56-. Union Carbide. Slj to 

S4S.’ United Technologic, Sit to shipbuildere"and »me Precision finished mixed to easier, Riuid- 
$45}. Merck Sli to S # 3 _,. Inter- Tpsi frnmf>T ^ s attracted the main, fontein Itot JRLlMLto B76.50 and 
national Paper. SI to &4-. ano buying attention. 

Minnesota Mining. Sli to s>3».. cxis. after Monday’s rise, 

Warner Communications lost ended narrowly mixed, while 
12 to CS35}. Its Atari subsidiary dosing on an easier note were 
has temporarily shifted about 140 pharmaceuticals. Constructions 
employees at its coin-operated and Non-ferrous Metals issues, 
vid^o game 1 ; division to a four- Sony featured with a rise of 
dav week due to a seasonal slow- Y 220 to Y3.420, while Hitachi 
ing of business. rose Y9 to Y604, Toshiba Y6to 

Cities Service wes up li to Y306. Toyota Motor Y15 to Y885, 

$43i The company’s directors Mitsubishi Heavy -Y9 to YIS3, 
rejected a $50 a share bid from p^t Photo Y40 to Y1.410. 

Occidental Petroleum, but offered gg-gjj efierlinuid^ 

cenricaf^S^YB to.Y790, Ricoh Uncertainty over the Colony s 


. . ond Kironiiiv luuuw Gold Bullion 

tain their recent rauy ^ and 

However, they were cautious 

_ oe about the Walt Street upsurge, 

Libanou Rl-50 to R24.25. with most taking their lead from 

- indications of continuing weak- 
Uong JVOug ness in the u.s; economy. rather 

Despite the further upsurge on than the. recent declines in U.S. 
Wail Street overnight, Hong • interest rales. 

EM mSets S sharply The All fMM> todex 
Sr yesterday in light trading, nevertheless,- ended ' *£ 

SS| Moneys share price at 478 2. v/h.Ie Metels anj 

gains which foUowed a larger- Minerals_put on S.0 to 3S0.r^and 

than-espected cut of li per cent 


in local prime rate. 
Brokers -noted some 


profit- 


Closlng prices for North 
America were not available 
for this edition. 


Oil and” Gas 8.1 to 41f3. Indus- 
trials managed to pick up 2.1 [ 
from Monday’s 1982 low to close 

at 605.7. - •. } 

Among Golds. Central Norse- ] 
man addded 16 cents at A9SM 
and Poseidon 15 cents at AS2.S0. 


CANADA 


BELGIUM (continued) 


Stock 


AMCA Inti 

Abltibl 

Agnico Eagie 


Asbestos. J* 

Bk Montreal | 1948 

Bk Nova Scotla._i Ms* 
Basic ResourceaJ 2.10 


EH 

P3 

.• 193* i 

1938 

..! 173, 1 

17S* 

J 10U 1 

93, 

.. 275s : 

27 

1 24 1 

241* 


101. 
195a 
25 U 
2.10 


Patrotlna. 

Royals Beige...... 

Soc. Gan. Banq- 

Soc Gen Beige... 

Soflna.^ 

Solvay 

Traction Eloot — 

UCB 

VlellloMont .. 


Bell Canada _| 181* I lfi* 

Bow Valley 15 

BP Canada _.! B4ti 

Brascan A I 13U 


Brinco I 

B. C. Forest : 

OIL Inc ........ 

CadillacFalrview 

Can Csmont : 

Can NW Energy- 1 

Can PacKers...._.| 
Can Trusco. 


3.75 

9 

19U 

61* 

B4g 

281* 

2B1s 
20 S* 


Can Imp Bank....! 21 Ir 


Cdn Pacific 

Can. Pac. Ents....i 
Can Tire — i 


29^6 1 295b 
18 
371b 


371* | 38 
22 h i 2t*a 
371* 
341a 
26 la 
216* 
265a 
45* 
8 

271* 
30 
19J« 
291* 


Chief tan 19 '« 

Comlnco ; fOJ* 

Cons Bate St A ; 14.* 

Cent. Bk. Canada; 

Coseka Res- ; SA5 

Costain 5i« 

Daon Devei l.aa 

Denison Mines....; 215* 

Dome Mines i 12 

Dome Petroleomi -.4.70 

Dom Foundrloa-I 29 ja 

Dom Stores J 14Ja 

Domtar- tfaia 

Falcon Nickel-...] 45 

Gonstar 

Gt. West Ufe 1.80 

Gulf Canada. | 

Oulf Stream Res.i 
Hawk Sid. Can -. 
Holimger Argus-I 


15 
1.70 
10 U 
231* 


32 

121 * 

545* 

26 

195)1 

141* 

36*8 

61* 

24U 

195* 

34 

94 

30>* 

1558 

12 

105* 


Hudson Bay Mng 14Jg 
Hudson's Bay..... IBi* 
Husky Oil MB 

Imp Oil A — f7 J * 

Indal JL 1 ® 

Inter. Pipe. 19 

Mac Bloedel I l»'a 

Marks ft Spencer; 8U 

Massey Ferg M* 

McIntyre Mines.. 26** 

Mitel Corp 235* 

Moore Corp 39 

NaL Sea Prods A 7 
Noranda Mines... 16 


141* 

241* 

135* 

3.56 

9 

19U 

6U 

B'S 

281* 

281* 

205* 

201 * 


175b 

38 

191* 

41 

15>< 

71, 

3.30 

65a 

1.25 

205s 

101 * 

3.90 

296b 
14 U 
16U 
451* 
113* 
1.80 
143* 
1-00 
10 
231* 

14 

181* 

5.62 

431* 

275* 

101 * 

111* 

19U 




A 2 U !- 

~ 


1 

High 

989 

Low 


012 

MD.7 

467.7 

872.7 

464 J) 

<66.1 

I60A 

69L6 (4/1) 
426.1 (6/1) 

448.2 (8/7) 
23S.0 IBP) 

AUSTRIA 

Credit Aktlen (2/1/99) 

48.20 

4BA0 

4B.5B 

4B.42 

6B.86 (4/1) 

40JO (24/9) 

BELGIUM „ 

Belgian SE (81/12/83) 

96JB 

8SM 

86.1* 

(u) 

102.48 (D/4) 

89.42 (20/1) 

DENMARK 

Copenhagen SE (1/1/78) 

118.18 

11SJB 

115-BS 

113.78 

12U9 (26/2) 

109.0 (12/7) 

FRANCE 

CAD General (31/12/91) 
Ind Tendance (31/12/91) 

BB.7 

112.1 

96A 

111.9 

96.9 

110.3 

96.0 

110.0 

111.6(11/8) 
124.8 (12J6) 

95.9 (12/8) 
97.7(4/1) 

1 

I5M .IWOTff Ti .FBI' -f.iljfftl 

1 j j 

221.70 1 11S.61- 21B.1B] 25B.4B (6l4) 

676.4! 666.1 ! BB5.7 j 729.6 (6/4j- 

214JJB (17/9) 
650.2 <17/61 

HOLLAND l „ , 

ANP-CBS General (1970) 97.1 

ANP CBS Indust (1979) | 68.4 

‘ 

89.6] 86.9 ; B6.1 
6BJ| 87.4 1 67a 

nja 110/B) 

74.8 (1D;b) 

14.0 (111) 

86 a (4.-1J 

Hang 1 Seng Ban k(31/7/i4jl034.B8!lflB7 JBjl0i4.68 

1056.66 

1446 JK (12/1) 

957 OS (16/8) 

Bancft Comm lt#l^1B72) [ 172.85| 17t8a| 178.63 

175.01 

212.69 (19/3) 

U70S (22/7) 

JAPAN** 

Dow Average (19|6|4i) 
Tokyo Now SE (4/1/68) 

7a88.99j7KS.4B 
&87JW| 628.00 

69EB.4B 

619.11 

6997.78 

51BA4 

— 

792EA6 (27/1) 
B8&2A (27/1) 

6864.50 (17/9) 
611A2 (17(B) 

NORWAY 

Oak) SE (1/1(72) 

117. J 118.99 

119.46 

11B-H 

150.38 06/1) 

109.12 (1/4) 

SINGAPORE 

Straits Times (1999) 

1 

811.69; 92SA6 

G0BA9 

697 AS 

810 JB (B/D 

S67.D7 (19/8) 

SOUTH AFRICA 

Bold (1B5«J 

Industrial (186fl 

(u) 

(u) 

(u) 

(U) 

— 

B11J0 

B88.8 

HU A/D 
711J A/D 

EISA (8/7) 
607J (29/8) 

SPAIN 

Madrid SE (38/12/91) 

S8J4 

(0) 

90.24 

90.6! 

107.46 A/S) 

66,61 (15/7) 

SWEDEN 

Jacobson ft P. (1/1/61) 

919.19 

819.72 

816.89 

617.B1 

6B6Ji! (22/1) 

665.32 (26/4) 

SWITZERLAND . 

Swiss BankGpn.fll/12/M) 

249.4 

242.4 

241.1 

2S8.B 

263.1 (11/D 

237 J (17A) 

WORLD 

Capital IntL (1/1/7B) 

- 

i 151.2 

128.7 

126.1 

147 a (4/D 

11B.4 (13/8) 


Nthn. Telecom-.! 
Oakwood Pet. — 
Pacific Copper- 
Pan. Can. Pet— 

Patino- — 

Placer Dev.......... 

Power Corp 

Quebec Strgn — 

Ranger Oil.... — 
Reed Stenhe A.-. 

RIoAlgom - 

Royal Bank. 

Royal Trusco A..J 

Sceptre Re* 1 

Seagram — 

Shell Can Oil. 

Steel of Can. A — 


601* 
13 
1.20 
BOi* 
19 
165* 
10 1* 
4.00 

85* 

101* 

321* 

221* 

121* 

81* 

65 

201b 

181* 


Teek B [ MO 

Texaco Canada- 297* 
Thomson NewaAl 21 
Toronto.Dom Bk., 88 
Trans Can Pipa...| 19J8 
IranaMntn.OHAJ 4 

WalkerlH) Res 19 

Westcoaet Trans 13 1* 

Weston (Geo)....- 31 


191* 

a 

2.22 

27U 

221* 

37T* 

7 

15T* 

481* 

125* 

1.19 

78 

19 
166* 

B6r 

3.80 

61* 

103* 

321* 

223g 

125* 

7"b 

G4ls 

20 >B 
185* 

7.75 

291* 

21 
276a 
tfl7 B 

75* 

181* 

135* 

30J* 


AUSTRIA 


Aug. 24 


Price 

% 


1+ or 


Creditanstalt — 

Landerbank 

Pe ri moose r. ...... 

Semperit 

Steyr Daimler ... 

Veltscher Mag .. 


212 

180 

271 

57 

140 

ISO 


+ 1 
— 1 


BELGIUM /LUXEMBOURG 


Aug. 24 


Price 

Fr*. 


+ or 


Saturday Aug 21; Japan Dow (c). TSE (c). 

Base values or all Indices ere 100 except Australia All hrdlnary^^ 1 
soo. NYSE AH CommoB— Hk Sunderd end Poore— 1ft and T®ronW— 1JXJ0* 
uS nemed bseed on 1376. t Excluding bond*. * £*£g k,am 0 c 
btduetriels Plus 40 Utilities, 40 Fhumdial* *»*d 20 Trsnsoorts. c Cl 


industrials Plus 

u Uoevailabla, 


AR3ED -.1 1,112 J 34 

Banq Int A Lux... 4,100 

BekaertB I 2,140 

Clmsnt BR. j 1.580 

Coekerlll I 133 

EBEB 1 1,805 

Elect robe I ! 4,* 10 

Fabrlque Nat ■ 2,705 

G.B. Inno I 2,640 

GBL (Brux) 1 1,362 +12 

Gevaert 1,730!- +16 

Ho^ken aiwo; +eo 
Intercom....-....- 1,449’ +42 
Kredietbank. — 4.XB0 +46 
Pan Hidgs^ 6.050| 



Aug. 24 


Price 

Fre. 


+ or 


HOLLAND 

Aug. 24 


4,450 

6,04cl 

2^95| 

i^ss; 

1,925 

2,610 

2,150 

3,285] 


-45 


+68 
+ 50 

+ 16 
+ 50 
+ 200 


DENMARK 

Aug. 24 


Priee 

X 


+ or 


Andelsbanken.-.; 117 
Baltloa Skand —I 353.0 
CopHandcIsbank)' 127-°‘ 
350 . 
127.0! 
89 , 
574 I 
389.4' 
232 1 


_ . Sukkarfab.. 

Daneke Bank ] 

East Asiatic i 

Forende Brygg...l 

Forende Damp— 

GNT Hldg- 

Jyske Bank -+ 176 

Nord Kabel J 137 

Novo Ind • 1,890| 

Paplrfabrikker J 

Prtvatbanken \ 

Provlnsbanken... 

Smfdtb (F.L.1 

Saphus Berend .. 

Sugerfg^—— 


1/7 

123,41 
119 , 

160.4 
567 | 
98.6 


+0.4 

+0.6 


+ 3 


-1 

—2 


-2.6 
+5.6 
+ 1 


acf Holding. — 

Altai d — — 

AKZO 

ABN - 

AMEV-... — 

AMRO- 

Bredero Cen — 
BotJcall* West- 
Buli rmann-Tot _ 
CalandHld s..— 
Elsevier NDU — 

Ennla - 

Euro Comm TsL.I 
Glst*-Broeadas.-.j' 
H nineteen 1 

Koogovens i 

Hunter Douglas. J 

Int Muller. 

KLM~ 1 

Naarden I 

Nat Ned o«rt...-.| 

NedCred Bank- 

Ned Mid Bank — [ 

Ned Uoyd — \ 

OceGrintan-....- 
Ommeren (Van)J 

Pakhoed ; 

Philips ! 

Rljn-Schelde 

Hob BCD 

Rodamco.- - 

Rolinco — ■ 

Rorent, — | 

Royal utch... - 

Slavenburg > 

Tokyo Pac Hg 

Unilever 

Viking Re j 

Vmf stork-.—-! 

VMU 

West Utr Bank.-. 


FRANCE 

Aug. 24 


Price 

Frs. 


Emprunt+i% ]97S)1,825 

Emprunt 7% 1873+7,470 

ONE 1% 1 3,22.5 

AirUqUldo- — ...j 437 
Acqultaine 1 

Au Printemps 


BIC 

Bouygues - 

ESN Gorvais — .. 

Car re tour. 1 

Club Madltor.. 
CFAO 

CFS (Thomson)... 

Cie BanoaJre....- 
Cle Gen Eaux — 


104.7' 
142 I 
437 
659 
1,320 
1,427 
514 
537 
139 
178 

304.21 

118 I 
77.9, 
101.51 


+46 

+ 302 
+ 3 
+ 3 
+ 3.6 
+4 
+ 1 
+ 14 
+ 10 
+ 7 
+4 
+ 3 
— 1 

+&£ 


Co ft meg , --- • — s „ 

Creueot Loire—.. 77.9 j +2.9 

CFP -..-I 101.51 +0.6 

DNEL • 43.5 +0.9 

Dumoz- '1,138 -11 

Gen. Oocldental.' 394 +18 

ImotaJ. - «-5 +3-| 

Lafarge- — 199.6 +2.5 

Leo rand..- -1,415 [ +9 

Machines Bull.... 28.5| +0j7 

Mlchelin B 600 -5 

MoetrHe n nessy ... 740 -0 

Moulinex - 53-31 +0-7 

Pernod RJcard ... *77.5 +4.7 

Perrier - J74.9 +1.6 

Peugeot -3A 130 

Pooiain 102 +4 

Radiotech 282.5 —7^5 

Redout® 890 +10 

Roussel-Uolaf — 267 +7 

Skis Rossignol ... . 504 +3 

Telemech El sot 725 +16 

Valeo— 4 178 


GERMANY 

Aug. 24 


Price 

Dm. 


AEG -Tel ef. — 

Allianz Vers. — ; 

BASF — 1 

BAYER — I 

Bayer-Hypo 

Bayar-Vereln j 

BHF-Bank 

BMW. — 

Brown Boveri — 
Commerzbank. J 12| . 

Corrti Cumml j 46 &\ 

Daimler B«nz.....l 303 


+ or 


31 I -1.8 
434 1 +1 
113.7- -0.6 
107.8’ -0.5 
210.9; -1.1 
275 


200 
18 lu 
176 


□egussa ; --- 

Demag J iao 


215 


D'acheBabcook.! 1|9^ 

165 
124 
184 
48 


— a.o 

-2 

+1 

-2 


-0.4 
+ 0.7 
+ 3.5 


r-2.3 

-1.5 

-1 

-2 

-08 

+0.6 


219 | 
183,5! 

laa.sl 

50.5|- 

68 

280 

71.9! 

156 

131.3 

277.5 

195 

636 

179.5! 


.8 
+ 1^1 

-0A 
+ 0.6 
— 0J8 


Deutsche Bank... 

DU Schulthels3...| 

Dresdner Bank... 

GHH 

Hapag Uoyd.—.| 

Hoeohrt 1 00-51 

Hoeach 30.* +0i 

Holzmann (P> — 4ioJ +9 

Horten — 

Kail und Salz.—. 142 
Karstadt — - 
Kaufhof...— 

KHD— ..v 

Kioeckner. 

Krupp. - — 

Unde — 

Lufthansa. - 

MAN 

Marines man n «... 

Mercedes Hlg-... 

Metallgessell 

Muench Rueok.-j 

Preussag 1 ■ — 

Rhein West Eleotl 170.4- -0.6 

Rosenthal- .?• 217.5] — 08 

Scherlng.- ! 271 

Siemen • 221.2 

Thyssen— I Bl.l 

Varta...... ' 1B0.B 

Voba 127.1) 

Verein-West — ..... B7o- 
Volkswagen- . ( 187.5) 


-2 

-0,4 

^516 
—1.0 
-1.0 
—3 
+ 0.5 


L5 

+ 1.7 

+ 0. 

+ 4.8 
-1. 
-2 
+ 0J 


Priee 

ns. 


+ «r 


AUSTRALIA 

Aug. 24 


77.61 -0. 9 
93.4! +1.0 
25.1 -0.1 

2B0.a| +3.5 

88.51 +0.B 

33.0 +0.8 

153^. +3.0 
37.8| +0.1 
29£) +0J 

28 I 

162.61 

123 5 +1.0 

61^| +1.0 
79.4| +0.8 
66^1 +0.5 

15.01 +0.2 
8.4 +0.1 

17.6 +0.9 
59.9 +2.7 
23^1 +0J! 
116.5; +1.7 

26.5 -1.0 
109.5 +7.0 
100.21 +0.7 
119AI +0.1 

22J8, +0.5 
38.6i +1.1 
24.7] -0.1 

23.5 +0.2 

207 +2 

124.41 -0.1 
200.0) +2.5 
16B.5| -1.0 

87 JJ ~-0£ 

75.01 -0J5 

189.51 +6.5 
156.5. +1.6 

97 +8 

46.3 +0.1 
56J9 . +0.6 

73.5 +0.7 


+0JE 
+ 0JM 
—0.01 


-0.il 
— OJ2 
+ 0.01 

+ft«5 
+ 0.02 
+0.07 
+ 0.18 


ITALY 


Aug. 24 


Prloe f” + 1 
Ure — 


Aseiour Gen- 1«,MJ +552S 

Banca Com' la .... 52,160 ....... 

Bastogi IRBS... ... 8p +1 

Centrale — 3,160 +30 

crriiWV.r...™.] 6.M0 -M 

a;!3‘ r - i s .Vit =1£ 

ltaloem'enti-.._..ia8j«10 +1M 

Montedison I 1W ' — 

Olivetti -5’flg "12 

Pirelli Co J 2,639 + 59 

Pirelli Spa ! 1,361 + 10 

Snia VlMosa • ^37 

Toro Asslc .“?0 

do. Pref 9,398 +198 


ANZ Group 

AcrowAuit -..J 
Anipol Pet 

Assoc. Pulp Pap 

Audimeo , 

Aust. Cons. Ind. J 
AusL Guarant. -.| 

Aust. NaL Inds— .1 2.20 . 

Aust Paper — i l-Jf ; 

Bank NBW *42*1 

Blue Metal ! 1-50 1 

Bond Hldg* .1 

Barmi ■ B - 85 

Bouganville.. j J-43 

Brambles Inds.-.. 1-88 

Bridge Oil 4 2-52 

BHP .1 7.16 

Bnjnnncoll _j »•« I 

Carlton ft Utd. — ! 1^0 I 
Castlemalne Tys | 3^5 , -OJ5 
duff Oil (Aust) ...i 0J6 : 

Do. outs 0.10 ’ 

Cookburn Camt! 1 J7 ! 

Coles (GJ.I 2.00 -OJH 

Comaico I 2.00 —ojn 

Ooetaln...- < 1^ 

Elder-Smith' gImI. 2J5 

Endeavour Res-; 0.16 
Gen. Prop. Trust 1.49 
Hartogen Energy. l«fo 

K51AUSL 1-40. , 

Jennings...... !-}».[ 

JlmtMUana(58cfp; 0.15 j 

Jones (D)..._ 1 j40 ] 

Leonard OIL- .] 0.12 , 

Meekatharra. ; 1.85 | 

Meridian Oil ] 0.18 j 

Monarch Pet—. 0.07 

Myer Emp. 1-33 

NaL Bank. j 2.35 j 

News. I 2.05 

Nicholas Kiwi.... 133 , ... 
North Bkn Hill — I 2.02 I +0.01 

Oakbridge i 1.55 ; +0.1 

Otter Expl *...) 0.36 

Pan con * 1.30 

Pan Pacific......... 0.09 . 

Pioneer Co li? ! +OJ4 

Queen Marg't G. 0.13 , +0.01 
. RecKittAColmanl 1.68 

I Santo* 4.85 

aelgh (HO ! 0.B6 

Souuiland Mln'gJ 0 ns 


NORWAY 

Aug. 24 


Bergsns Bank...- 1 

Borregaard- 1 

Credltbank.— 
Elkem — ....... 

Kosmoe 

Norsk Hydro 

Storebrand 


Price 

Kroner! 


+ or 


106.51 
106 
131 

43.0| 

330 

285.0; 

172.51 


+ 0.6 


+0.6 

+2.5 


SWBXN 

Aug. 24 


Price 

IKronei 


:J + - 


Aft A. - 19 1 1-2 

Al/a-Laval 1 + ? 

ASEA (Free) 189 I +3 

Astra...—.. ......! 468 ...... 

At/aa Copco I .59.0, -0. 

Bollden - ] 180 | +1 

Cellulosa 227 ■ +2 

Electrolux B I _83.8i ...... 

Ericsson 257 +1 

Esse lte( Free) ! 152 I +1 

Fagerata 148 j -8 

Fortla l Free) ...... 177 -3 

Mooch Dom — 109 + ? 

Saab - Scania 13 4 +1 

Sandvlk B (Freej 167 

Skandla- - 6o0 +5 

Skan Enskllda.... 220 
SKFB-:. Ilf 

St Kopparberg...! 861 +1 

Sven HandelsbnJ 108 

Swedish Match..; 116 —1 

Volvo B (Frsa).....l 165 —1 


SWITZERLAND 

Aug. 24 


+13 

+ 13 


Alusufsse — 419, 

Brown Boveri -J 905 

Clba-Gelgy 1^70| +20 

do (Part Certs)- 1,040. +10 
Credit Suisse..-.. 1,660; +15 

Elektrowatt 2,260. +10 

Fischer (Geo)-.- 390 +to 

Hoff-RochePtCti 59,0001 +1J2M 
Hoff-Roehe 1/10! 5,0OO| +123 

Interfood- 5 ,mo 

Jelmoll 1,370: +20 

Landis ft Gyr. [ 

Nestle- -.-.--I 


+ or 
PrF^a 1 — 
Frt. i 


+ 30 
50 


Oer-Buehrie. j 

Plrellf-.;., 1 

SandOZ (B) 

SandOZ (Pt Ctsi- 

SchindiertPtCts); 

Swissair....—. ! 

Swiss Bank, 


7(»i 
3,2501 

960. +35 
2241 +7 
3,97 6i 
540; 

258: 

635 
284! 


Swiss- Rtinsee....! 6,100. 


Swiss Volksbk.-,.. 1 
Union Bank—,... . 
Winterthur— ——I 


990 

2,880' 

9,110: 


+ 5 

+ 3 

+ 5 

+ 7 

+ 25 


+ 55 
+ 25 


Zurich Ins.—— !14,175| +225 


Price) 
Aust. S 


3.30 

uo 

1.16 

1.50 

0.14 

1.22 

2.15 


JAPAN (continued) 

i Price , -r « 
Aug. 23 5 Yen 1 - 


Kubota 

Kumaqsl v 

Kyoto Ceram lo .. ,3^70 
Uon — ... 

Maeda Const- _i 

Makita.- ; 

Marubeni ............ 1 

Marudal 

Marul.... 


+ 0.03 

+o.os 
— 0.01 
+QJG 


raarui 

HI El - - I,® 90 

Mtta Elec works.; 460 

M'btshi Bank , 

NTbishl Carp,——; 
M'binM Elect...-! 
M'bishi Eatxte.-i 

MHI 

Mitsui Co — I 

Mitsui Real Est— ; 
Mltsukoshi— — — i 
NGK Insulators...: 

Nippon Denso—' 

Nippon Gakki 1 

NlpponJdeaL ' 

Nippon Oil 

Nippon Shimpan-. 
Nippon Steel. 

ssr: 

Nippon Yusen— 

Nissan Motor 

Nlsohin Flour— 

Nisshin Steel.-. 
Nomura 

ESSEssmztfS 

Pioneer- 1,420 


Spargos Expl— | 
Tii os. Natwide— 

Tooth 

UMAL Cons. 

Valient Cons 

Waltons 

Western MIntngJ 

Woodelde Petrol 

Woo (worths 
Wormald Inti—-- 


0J6. j 

0.22 i 

1.47 . 
2.90 
2.10 . 
0.10 
0.58 
3.38 < 


-0.82 
+0.15 
+ 0.03 
+ 0.82 


+ oja 
- 0.12 
+ 0.02 
+ 0.05 
+ 0JI2 
-0.02 

+0.11 

0.70 ! +0.01 
.1.35 , — 0J)B 
2.40 


1 

Price 

+_or 

1 



Icheunn Kpng.—J 10.B 

— 0.7 


1^8 

—0.*2 

M I’Ji-I ! 1 U l/.-I-l'IriW 

10.1 

—0.1 

W i:r i.ssM.I I 1 

“5, 

11 

5.6 

-0.1 


* HK Land 

6.10, — 0^61 

HK Shanghai Bk. 

9.55 

— 0.1D 

HK Telephone.... 

jus ja 

-0.8 

Hutchison Wpa... 

11.7 

-0.7 

Jardlne Math — 

16.0 

-0.7 

■ i.u'.-A'.'MJi-rrrw 

2.73 

-0.12 

1 O' eeae Trust Bk., A.ao — a. 151 

T SHK Prosa 

5.051 -OJS 

airnrrrTnpA- 

9.65' —0.401 


-0.18 



2.30 


. 

JAPAN 

Aug. 24 

Prtea !+ or 1 

Yen 



+ or 


529 ; 

374 V —1 

! -60 
364 | +1 
514 | +4 
690 I -6 
272 l 

530 ; 

845- ! 


+9 
+ 30 
+ 5 
+ 3 


503 
474 j 
239 '■ 

408 | 

1B3 ; 

299 
575 I 
320 , 

436 i 
990 j 
615 : 

360 
846 
653 1 
137 ! +4 
233 


+ 1 

+ 9 

& 
+ 1 
-9 
+ 1 
+4 
+ B 
+ 1 
3 


224 

730 

325 

142 

410 


Renown-.-. 

Ricoh — i 

Sanyo Elect. 

Sapporo 1 

Sokisul Prefab... 
Sharp- — * 

Shise'do — 


630 

555 

402 

231 

655 

893 

890 


-50 

+2 

+3"" 
+ 1 
+ 10 
-10 
+20 

+ 13" 
-10 
+9 
-1 
-5 

+ 25“ 
+ 220 
—5 
-1 
+ 17 
+ 1 
-5 


Sony - 3.420 

Stanley 

S' to mo Marine ..., 205 
Taihel Dengyo. 470 

Taieel Corp j “5 

Talsho Pharm— ; 673 

Takeda 790 ; -a 

TDK. 3.950 -20 

Teijin. 21o ■ .. ...... 

Telkoku Oil BB® : —4 

Tokio Marine j 424 ' +3 

TBS 407 | +1 

Tokyo Elect-Pwrj 838 i —5 

Tokyo Gas J -06 , -2 

Totaa Sanyo 3 405 , +20 

TokyuCorp 1 206 , ... .... 

Toshiba ' 306 I +6 

TOTO 390 | 

Taro Seikan 411 ; ..... . 

Toyota Motor 885 • +15 

Victor 2.200 ; +10 

Wacoal — ' 6i0 j —5 

Yamaha ' »63 1. +16 

Yamuaki • 510 , ........ 

Yasuda Fire- . 223 +3 

YoIiQ|awa Bd«e. 445^__^_. 


SINGAPORE 

Aug. 24 


Prloe + or 
i a j — 


1.59 ' +ojn 


7.30 

Fraser ft Neave-j 5.10 


— OJB 
-OJ8 


5.35 ( -0.15 


UBO- 


7.45 


'3.36 


-0.05 
-0jD7 
— O.M 
-OJW 


SOUTH AFRICA 

Aug. 24 


Abercom 

AE&CI 

Anglo Am 

Anglo Am Gold_.- 

Anglo Am Prop-! 

Barlow Rand i 

Buffets 

CNA Invest 

Currie Finance ... 

Da Beers 

Drtefontein .J 

FSGeduld • 


Priee j 
Rand ! 

+ or 

2.75 

— OJJS 

7.0 


14.55 


91.50. 

+ 0.05 

3.35; 


8.35; 

-0J0 

41 , 

— 0,5 

7,0 ' 

... 

2.25; 

— 


5.42 

29,0 

36 

as.5 

4.85: 

38.5 

6.5 ■ 
1B.5 

255 


Cold FieldB SA.... 

High void Steel... . 

Kloof— 

Ned bank - 

OK Bazaars- 

Protea HkJgi > 

Rembrandt 1 13.6 

Rennie*- 

Ruotenburg - 

Sago Hldg 

SA Brews 

Tiger Oats.. ......... 

Tongaat Hulotta- 

Unisoa ' 


— 0.<3 

^OtB 

+0.ii 

+0JQ 


+0.6 
+ 0.15 


4.3 ' 

4.30 

2.45 

4.45 —0,05 
19.5 . +0 JSt 

7.4 +0J» 

3.25 


Financial Rand USS0-76J 
(Discount o£ J3%>. 


Ajinomoto. 794 I - 

Amada j 434 * +11- 

Asahl Glass. : 441 ■ —4 

Bridgestone ' 430 ; +3 

Canon,. 860 . +9 

Citizen 276 / +1 

Daiai 606 ' +1 

0KB.. - ....[ 484 ; 

Dal Nippon Ptg— I OSS + 10 

Daiwa House • 382 ; —6 

Daiwa Seiko ■ 390 • ..... 

Ebara_ s35 | +5 

EisaJ r fill l +2 

Fanue. 13,870 • +170 

Fuji Bank ; 500 ! - 

Fuji Film. i,4io -+40 

Fujisawa |l,003 

GreonCroas m ...„il,890 +10 

Hosegawa. 489 \ +9 

Hclwa Real EbL.I 816 ! +6 

Hltaohl— -I 804 i +9 

HltachL Kokl I 513 —7 

Honda ...1 717 +5 

Housflfoaei » 938 —17 

Hoys i 714 +6 

Itch (C> ......... _._l 263 -+B 

jto4tam 350 —10 

ItO-YOkadO 920 +19 

JACC8 575 -4 

JAL 2,350 ( 

JusCO 560 | -1 

Kajima 318 i +3 

KaoSoftp.......—. 479 ' -1 

Kashlyama ; 664 | +4 

Klkkoman... 357 ; —5 

Kirin 362 ' +2 

Kokuyo -.1 875 +3 

Komatsu I 463 » +3 

Komatsu rilft-.l 340 ' -5 
K on Eshiroku 562 \ +3 

NOTES— Prices on this page in M qu ot e d M 
tnfivIdoM axebengea and ere teat traded prices. fDNW 
eoepeoded. xd Ex dhrldeodL. xc Ex scrip. Issue, xr Bt dptt 
xa Ex sdL . 


BRAZIL 

Aug. 24 


Prloe + or 
Cruz I — 


Acaalta ... . 1.80 ......... 

Banco Brasil - 15.45 _+0.«i 

Belgo Min—.—... 3.00 — .. 

Brahma PP 7.35 +0.15 

Lojas Amer j. 7.ao . +O.OB 

Mannesmann OP 2.48 — 0.0* 
Petrobru PP„... ' 11. 70! +tL2jj 

Souza Cruz 11.00 —O.TO 

Uni par PB . 7 ,80’ 

Vale RioDoce- . 15.00 +0.M 


Turnover: Cr. 1.778.4.1*. 
Volume: 163.9m. 
Scurcei. Rio J*' Janeiro SE* 




f'O 


1 


'.ST-" 


































































: Financial Times Wednesday August 25 1982 

LONDON STOCK EXCHANGE 


Coopaoies aad Markets 



25 


RECENT ISSUES 


Gilt-edged falter despite cut in money market rates 

worries override Wall St and equities fall 



Account Dealing Dates 
Option 

•First Declare- Last Account 
Dealings tions Dealings Day 
Aug IS Sept 2 Sept 3 Sept 13 
Sept 6 SeptlC Sept IT Sept 37 
Sept 20 Sept 30 Oct 1 Oct 11 

■ " Now Dm® " dealing may taka 
place tram 9 am two iMKiness days 
earlier. 

The recent beady advance in 
Government stocks faltered 
yesterday. Nevertheless, the 
resulting losses were relatively 
modest when compared with the 
sharp gains of the past week or 
so, and occurred in a more 
sensitive market. London equity 
markets, meanwhile, staged 
another unimpressive perform- 
ance with leading shares failing 
to hold marked early firmness, a 
reflection of the overnight Wall 
Street trend, and closing lower 
again. 

Confidence in Gilt-edged 
appeared to wane in the face of 
firmer short-term U.S. interest 
rates overnight. Dealers opened 
quotations lower anticipating 
profit-taking, hut selling was not 
unduly heavy and a rallying ten- 
dency developed. 

The recovery gained momen- 
tum when the authorities cut 
their intervention rates in UK 
money markets yesterday, signal- 
ling approval for another reduc- 
tion in clearing hank 'base rates. 
As a result, long-dated Gilts 
reduced early falls ranging to 1} 
points to half that amount ar the 
close. The shorts finished with 
losses extending to f and the 
Government Securities index 
gave up 0.40 at 78.52. 

'Sentiment in the equity sectors 
remained sensitive to current 
fears about the UK economic out- 
look. Thus, the strong overnight 
performance of New York again 
failed to make a lasting impres- 
sion on London equity values. 


Early gains of several pence 
in leading shares were soon 
replaced by am all flosses as insti- 
tutional investors continued to 
hold off and occasional offerings 
found markets unwilling. Wall 
Street's inability early yesterday 
to consolidate its recent strong 
advance saw a farther deteriora- 
tion In London kite sentiment, 
despite announcement of July's 
good trade figures. 

Illustrating yesterday's vola- 
tility, a rise of 6.3 at the 10.00 am 
calculation of the FT 30-share 
index was turned into a floss of 
3 points an hour later. This 
measure held at sround that 
level until the late trade when 
the fall was extended to 5.5 at 
571.0. 

Standard easier 

Fresh weakness in Hong Kong 
prompted a sympathetic decline 
in Standard Chartered, which 
has substantial interests there, 
the close being 10 down at 380p. 
Hong Kong and Shanghai 
softened a penny to 90p despite 
the increased interim earnings. 
Discount Houses 'succumbed to 
Light profit-taking. Cater Allen 
gave up 5 at 355p and Jessel 
Toynbee 2 at 70p as did King and 
Sbaxson at llflp. GUlett Bros, 
also finished a couple of pence 
off at llBftp following lire interim 
report. Merchant batiks, how- 
ever. were inclined harder in 
places. KJeinwort Benson put on 
3 to 247 p and Hambros edged 
forward 2 to 112p. 

London United Investments, at 
197p. recorded an above-average 
gain of 7 among quietly firm 
Composite Insurances. GRE. the 
next to report hatf-yearly figures 
on September 1, appreciated 4 to 
308p. Life issues repeated the 
previous day's mixed perform- 
ance. Awaiting today's first-haW 
figures. Pearl softened 2 to 412p. 



Marked up to 2Slp at the out- finished with modest gains, 
set, Grand Metropolitan subse-’ Continental and Industrial added 


FINANCIAL TIMES STOCK INDICES 


Aug. 

24 


Auq. 

23 


Aug 


Government Seca....f 78.82, 

Fixed Interest. ! 77.9K 

Industrial Ord | 57i.o 

Gold Mines............... i 312.K 

Ord. Diy. Yield \ 5.2CM 

Earnings, Yld.% (full i‘ lX.5s| 

P E Ratio (net; (»> ! 10.39j 

Total bargains j 23,87 

Equity tu mover £m. . — 

Equity bargains, ! — 


78.021 
77.9: 
B76.S) 
314.41 
5.16] 
11.4 
10 


78.181 
77.53! 

580.61 

305.61 
G.13 

11.39 
10.63 
93,8141 25.653 
| 162.471 179.04) 
i 16,5661 15,924] 18,449! 19.33' 



10 am 682.8. 11 am 573.5. Neon 573.8. 1 pm 574.4. 

2 pm 573.8. 3 pm 673.2. 

Basis ICO Govt. Secs. 18/10/28 Fixed Int. 1928. Industrial 1/7/35. 
Gold Minas 12/9/55. SE Activity 1974. 

Latest Index 01-246 8025. 

•Nil =’9.63. 


HIGHS AND LOWS 


S.E. ACTIVITY 



Govt. Sacs 


Fixed Int-., 
Ind. Ord .... 


Gold Mines.. 


78.92 61.89 

»».-»/ I 16/1> 
77.98 I 62.79 
l28iB) j (7/1; 
694.0 i 518.1 
J (B;7) 

314.4 


— Daily 
Gilt Edged 
Bargains... | 
aulties 


Eaut 
Bargains... | 
Value 


396.0 373.3 


, 127.4 | 49.18 
19; 1/56) I lS/1178) 

; 150.4 I 60.83 

<28/11/47) (5/1/75) , 

597.3 i 49.4 £*S& W IS«- 

mm fljySKL. M i.i { 359.0 

1012 1 558.9 I 43.6 'Equities 
(22/6) (22,'9/flfl) (! 6/10/711. Bargains../ 111.7 f 
• Valuer i 365.1 1 


98.4 

341.1 


Legal and General added 4 at 
28 Lp and Prudential improved 3 
to 279p. 

Initial support for Breweries 
soon petered out and the leaders 
drifted lower in a subdued busi- 
ness. Whitbread eased a coufde 
of pence to i29p, as dad Allied- 
Lyoas to 123p, Bass* up to 25Sp 
at the outset, closed a penny 
lower on balance at'253p. Else- 
where, cider manufacturers 
■succumbed to scattered profit- 
taking and H. P. Buhner shed 10 
to 605p, while Merrvdown Wine, 
dealt in the Unlisted Securities 
Marker, dipped a lew pence to 
175p. Distillers remained dull at 
197p, down 2, but Highland con- 
tinued to attract small support 
and rose that much to 100p. 

Trade in leading Buildings 
contracted and the lone became 
irregular. Barra tt Developments 
edged u-p a few pence to 3l6p. 
but Taylor Woodrow gave up 5 
at 535 p and Costain shed 3 at 
242p. Blue Circle touched 403p 
before dosing unaltered at 
400p; the interim resorts are due 
today. Elsewhere, Falrclough 
Construction put on 7 to a 1982 
peak of 190p in response to the 
good half-timer and Board's con- 
fident statement Travis and 
Arnold! met with renewed sup- 
port and gained 6 to a high for 
the year of 204p. Mlxeoncrete, in 
receipt of a 155p per share cash 
bid from Pioneer Concrete, put 
on 8 to 168p on talk that an in- 
creased offer for the company 
could be imminent. The agreed 
disposal of the company's pro- 
perty and building finance 
interests made no apparent 
Impact on Allied Residential, 
which hold at 12p. 

Marked up a few pence at the 
outset IQ encountered a certain 
amount of retting and -reacted to 
close a net 6 down at 286p. 
Amerstuun slipped- to 246p before 
settling 2 cheaper on balance at 
24Tp, while Yorkshire Chemicals, 
interim resutts due on Friday, 
ended a penny lower at 43p. 

Stores idle 

Marked a couple of pence 
firmer at the opening, leading 
Stores failed to attract any 
appreciable support and finished 
with small falls. Profit-taking 
prompted an easier tone among 
Electrical retailers; Currys shed- 


ding 4 to 186p and Dixons 3 to 
- I72p. 

' Leading Electricals repeated 
Monday's performance, drifting 
lower after a firm start on lack 
of follow - through - support. 
Plessey ended 2 off at 515p, after 
515p, and BICC cheapened the 
same amount to 298p, after 305p: 
the latter’s interim figures are 
due on September 8. Elsewhere, 
United Scientific fell 7 to 350p 
and Automated Security lost 8 to 
241p. Whitworth, on the other 
band, rose 7 to 144p on demand 
ahead of the annual results, 
scheduled for September 2. 
Enroth erm were quoted ex the 
rights issue at 4S8p, up S; the 
new nil-paid shares opened at 
SSp premium and closed at 92p 
premium. 

Dull conditions returned to 
Engineerings, sentiment being 
unsettled by the lay-offs at BL 
and tiie threat to jobs at British 
Steel. GKN. which supplies 
forgings and transmission parts 
to BL, gave up 4 at 143p. Hawker 
lost the same amount at 34Sp. 
while Vickers cheapened 3 to 
141p and TI shed 2 to loop. Else- 
where. still reflecting the pro- 
posed redundancies at its Bristol 
corrugated board machinery 
factory, Mol ins gave up 5 more 
at 138p. Davy Corporation relin- 
quished 3 to lllp, while similar 
falls were ,seen in Hall, I27p. 
Simon. 360p, and Spear and Jack- 
son. sop. C. and W. Walker fell 
2 to Sp and A! Industrial Pro- 
ducts, on the poor interim state- 
ment, lost the turn at So. By 
way of contrast. Fire Ind mar 
Armed 4 to 125p in response to 
increased interim profits. 

Selected Foods continued to 
attract attention, Rowntreo 
Mackintosh rising 4 further to a 
1982 peak of 19fip and Cadbury 
Schweppes hardening a penny to 
lllp, the latter’s interim results 
are due on September 2. 
Unigate touched 92p before 
settling a penny dearer on 
balance at 90p, but Northern 
Foods flost a couple of peace at 
142p and United Biscuits gave up 

4 at 133p. Recently.fi rm Linfood 
succumbed to profit-taking and 
shed 4 to 210p, while Avana last 

5 to 350p for the same reason. 
After the previous day's gain of 
IS, Hazlewood. a thin market, 
reacted to 2 SSp before closing a 
net 6 down at 292p. 


quently met with sealing and 
came hack to c2we 4 cheaper on 
balance at 272p. On the other 
hand, Ladhrobe attracted 
demand ahead of next Tuesday’s 
interim results and dosed 3 up 
at 139p, 

Euro Ferries firm 

Marked up at the . outset, 
miscellaneous industrial leaders 
retreated as buyers failed to 
appear and the gilt market 
opened lower. Unilever ended ID 
down at 610p and BTR dipped 
S at 326p, while Beecham gave 
up 6 at 299p and Glaxo dipped 
5 to 765p. Secondary issues bad 
European Ferries up 34 more at 
'67p on further consideration of 
the Government's approval to 
redevelop the St Mary Overie's 

Dock site at Southwark. Lep rose 
5 afresh to 435p but AGB 
Research, still unsettled by 
adverse comment, declined 5 
more to 270p. British Aerospace 
were fairly active and 3 cheaper 
at 237p, after 244p, while J. Bibby 
gave up 10 at 270p and Smiths 
Industries relinquinshed 7 at 
345p. Awaiting - today's first- 
quarter figures, Johnson Mathey 
eased 5 at 255p. Far-eastern in- 
fluences brought fresh falls of 
8 and 11 respectively in 
Hutchison Whampoa, 108p, and 
Jardine Matheson. 137p. 

The proposed cut-backs in the 
group's small car production un- 
settled BL distributors. Henlys, 
SSp, and Lex Service, 139p, gave 
up 4 apiece, while Kenning eased 
2 more to 71p. 

Among advertising agencies. 
Good Relations rose 6 to lOlp 
on the interim statement, while 
Geers Gross added 4 more at 
140p. 

Quiet conditions prevailed in 
Properties and the leaders closed 
a shade firmer. After the previous 
day’s fall of 9, MEPC opened 
higher at 190p before settling a 
penny dearer on balance at ISSp. 
Elsewhere, occasional selling 
clipped 4 from Great Portland 
Estates, at 160p, and! 3 from 
Slock Conversion, at 295p, but 
Slough Estates remained at lOlp 
awaiting today's interim results. 
Estate agents Bairstow Eves shed 
a penny to 61 p despite interim 
profits in line with market esti-' 
mates, but McKay Securities 
closed 2 firmer at 120p following 
the annual results. 

Oils subdued 

The hardening Rotterdam spot 
crude price and better-than- 
expected interim results from 
LASMO failed to generate any 
worthwhile enthusiasm for Oils 
which remained subdued on over 
capacity problems. A -shade 
firmer at the opening, the leaders 
drifted off on lack of follow- 
through support. Shell closing 6 
cheaper on balance at 394p, after 
402p. and British Petroleum 
settling a net 4 off at 276p, after 
2S2p. Ultramar gave up 10 to 
395p. Better-than-expected in- 
terim profits helped LASMO to 
close 3 dearer at 343p, after 335p, 
while Charterhouse Petroleum ■ 
gained the turn to Sip, also on 
half-year results above market 
estimates. 

Investment Trusts continued 
to move against the trend anff 


5 for a two-day gain of 12 at 
£S2p, and AM/fond Capital rose 
5 to 199p. First-half results from 
money broker Exco International 
were much as expected, but the 
shares fluctuated between 213p 
and 2Q3p before settling with a 
net rise of 2 at 210p. Akroyd 
and Szultbers added 2 more at 
285 p, still benefiting from the 
increased activity in gilts. 

Shippings were irregular. P & 
0 Deferred remained under pres- 
sure and gave up 4 more to 153p: 
the interim results are expected 
early next month. Ocean Trans- 
port eased 2 to 92p, bat British 
and Commonwealth added that 
much at 490p; Caledonia rose 7 
to 432p. 

Golds easier 

South African gold shares 
finally ran out of steam after 
rising for nine consecutive 
sessions. Profit-taking, despite 
another sparkling performance 
by the bullion price, came mainly 
from Johannesburg and the U.S. 
It left leading issues showing 
losses of around a full point. 
Lower-priced issues also en- 
countered profit-taking and the 
Gold Mines index registered a 
small decline of 2.9 at 312.5. 

The bullion price was finally 
S18 higher on balance at S411.5 
an ounce, having moved erratic- 
ally between $41S and 8404 dur- 
ing the day. 

South African Financials were 
featured by De Beers, which 
after opening at 256p dipped 
sharply to 227p immediately 
following news of the reduced 
interim dividend, before rallying 
strongly to close a net 16 cheaper 
at 242p. 

London Financials attracted 
persistent and sizeable profit- 
taking. Gold Fields, one of the 
best recent performers in Lon- 
don stock markets, dropped 15 
to 463p, while Rio Tinro-Zlnc 
gave up 7 at 433p and Charter 
2 at 203p. 

Platinums were aggressively 
bought at tbe outset, reflecting 
the recent advance in the free 
market platinum price, but closed 
well below the day's best levels 
following the emergence of sus- 
tained profit-taking from 
Johannesburg and New York. 

Impala were finally 14 to the 
good at 284p. after 292p, while 
Rostenhurg closed a net 6 firmer 
at 192p, after 200p and Lydeu- 
hurg 8 up at 154p. 

Business in Traded Options 
remained relatively low with 
1.594 contracts done. One again 
gold shares attracted the lion's 
share of the trade. VaaJ Reefs 
— dealt in SUS — recorded 172 
calls and 44 puts, while Cons. 
Gold Fields recorded 147 calls. 


EQUITIES 


il^sls 1 


lasuo 

prica ls ,., c .,. 

p - £ O' J on, 

J< BJ IB IHIfih 1 


1988 


TO 

TO 

TO 

F5 


jF.P-i - 

If.p. - 

30/7 


Low 


,S?o : a S!S2'*^- -2 

Stock luai+or^gl'Eg'es IJja 

!o a j - * iF8: e> *“ 


n i' 

33 

{35 

TO 


80 

<110 

{60 

5137 

*130 

TO 


20 

F.P.I - I 48 
IF.P. - | 24 
F.P. - B 
F.P. 7/9 ! 78 
IF.P. 1 10.-9 i 45 
i’F.P.' - j 51 
1FJV29/11I105 
IF.P.I - | 63 
lF.P.24/9 | SB 
:F.P.;17iB ,ZB2 
'F.P. 1 618 60 

IF.P.I30/7 
F.P.’27(8 
If.P/24/9 
'F.P.! - 

. w If.p.' - 

19 f IF.P.- - 
TO IF.P.' - 
- F.P., — 


46 I 35 jjiAnaFo-Noraic 5p ..,! 58i2'+*2 

82iji 75 j Antofagasta HIdga(£l| 7S 


197 

172 

178 

25 


11 
’ 34 
| 24 
7»: 
! 44 
I 38 
i 29 
96 
' 67 
I 48 
.169 
I 48 
1160 
|163 
170 
20 


38l E . 31 
13 11 

44 37 

36 ! 28 


Argyll Foods Wnrr'ts.. IB 

(Atlantis Res. mt • sa 

Beradin Holdings 5p; 23 

ij-frBarkoleyH.H.InvlOp' 7 

* Bio- Isolates lOp ' 71 

[■r Coleman Milne lOp 1 45 

.■fjfelmar Group ' 29 

!4>EcoOricNowOrd£l! 96 

I* Do. Dold ; 60 

l&Kadsen Pot. Int. 5p' 52 
i 1 ? InfeurooeTeoh.ZOp, too 
|4>KnlghtCmptrlfit5P' 55 
l^Mccartnyastono... tos 

Multitone Elect (169 

iPactrol Electronics. ..'175 
! R1T &NorthernWar*ta 25 
{Rowe Evens Inv. lOp.' 3i 
, 's 1 Sheraton Seen lllp..' 11>2 
Walker lAlfredi lOp..- 59 
S Y elverton Jnvs. Bp.. 29 


60.99' 2.0 3.3 21.4 
( 7.0 3.6 13.3 2.3 


|+1 ; — ; 

t • ..... I 0.65. 1.3; 4.021.7 

[Tl i uTs! 52 4,a; 7J 

| ul.68! 2.4i B.5| 7,2 

| bd 10.5 l-Bili-fi' 4.3 

! u4.0 LS : 3.622,4 

'■^S bdl.bl 2.0' 4 J 17.5 

- 66.75 2.7- 4,2-11.3 

-1 u2.52 3.4 2.1 15.0 
j 1 F3.5 ~ ' 2.9 - 

' - ; — j — ili.3 

!! bO.75 6.5 : 7.3 


FIXED INTEREST STOCKS 


tofuo 

pne« 

£ 


OTJ 

E a - 
<o. 


_ o 

"5® 

a Stt 


19S2 


Stock 


E High 1 low 


I Ott* i. 

.• ~ O 

! I~ 

i u c. 


-+or 


TO ■ F.P. 

99.520 £20 ; - 
1010 ' F.P. 2B/7 

ioo f.p. ; 

100 , F.P. I 
99.346' J25 ! 


Dp ! 52p Antofagasta 3.5 a flPref./ri? 55p 

3*»i 21li:AUEtrall3 lSt;£ Ln. 2010 : 50 —Is 


60e 
293 

ICO is 95 iCronlte 14'tCnv. Una. Ln.'92 99 

— 100 99 /-Nationwide Bdg. Soc. Hist Il5;8.*f3). lOOii 

— (lOO-'^lOO/,! Do. Do. 11 i4 c c '30.3(65. 100 t S, 

— ■ 34lji 24>S New Zealand 14L-“ 1987 34 

100 ' F.P. ' 9-9 108>s 100 iPcrtsmouth Water 14\Rcd. Deb. '92. 107'>? -J; 

;|R£1 i F.P. |3iB | 62 82 ISmurflt Oefforsoni Pret. Units 2p. . . 82 

noo j £10 J17/1 1 ; 15b; 13le'West Kent Water 8l;% Red. Prof. 87 89 15 +>= 




Si 

RIGHTS” 

OFFERS 


luue | 
price 

P ! 

|| ; 

Latest 
Renunc. i 

1982 i 

Stock 

llfa ,+ or 

< Q. ; 

• ■ ■ 

High , Lew j 

! 5 £ | 


180 

100 

103 

400 

78 

25 

78 


F.P. '18*8 22/10 247 ! 224 
F.P. I - - i 140 I 120 

F.P. I 6rB 17/9 122 * 117 


I Nil , 

!F.P. 2/6 17.-9 

I F.P. 36:7 3,9 


.Automated Security lOp,... j 
l v Berkeley Exploration Cl 
-Blundell Pormogiaze...... . 


2-15 —2 

120 '■ 

121 


— — ( 92pm B8pm Eurotherm Int. lOp 92pm' - 

Goal Pet. bp 84 ' + 2 

uenko & Cartel! : 21 


9 2gr 
25 i E 


1S n 

21 


I Nil ! — — -100pm 92pm Pact rol Electronics..... 


96pm tI 


RemmoiatSon data waslty (sit day for dealing Ino of stomp doty, b Hgunw 
baaed on ptosoectoa astlmata. d DMdand rasa paid or payable m part of 
cd/vuJ: cover baaed on d/vid«aiJ Oo full capital. g> Asaumad dnrldsj-.d sod yield. 
r Indicated dividend: cover Mistea to previous dividend. P/E ratio based oo least 
annual earainga. u Forecast dnddend: cover baaed on orav^srta yosr'a eamlitas- 
F Dividends end yield based on prospoctut or otter o HI del ostimatea for 1863. 
Q Gross. T Figures assumed. ® Figures or report swelled, t Caver sJJows for 
CORvemAm of aberee not now rsnUng for dividend or ranking only for rosolctad 
dividends. S Placing price, p Pence unless otherwise indicated. 1 1 s* usd by 
tandar. I OHarad to holders of ordinary shores as o ‘'rights." •• Issued by way 
of capitaaTaatioo. 55 Reintraduend. 81 Issued In connection with reorganisation 
merger or taka-ovar. IB Introducdoo. □ Issued to loimar preieisinoe Inideis. 
■ Alkraneot tortora (or fully-paid). • Provisional or pertly-paid allotment loners. 
ir With warrants, tt Daoiinga under apeeM Rule. >£■ Unfletod Secttntiss 
Market, tt Loiylon Listing, t Edactrva {astro price after scrip, t Formerly 
dealt in under Rule 163(2}(s). tt Unit comprising flve ordinary sad three 
Cap. shame. 9 loaned free ea an en cWSnwiK to ordinary holders. 


RISES AND FALLS 


Brittah Fund* 

Corpns. Pom. and 
Foreign Bond* ... 

Industrials 

Financial k Props. 

Oils 

Plantations 

Mines 

Others 


Totals 


ACTIVE STOCKS 

Above average activity was noted in the following stuck-, yesicrdjy 


Stork 

AJJied-Lyons 

BICC 

Beecham 

Brrt Aerospace .... 
Cons Gold Fiolds 
Do Baers Daid 


Closing 

or-ce 

Day's 
change 
- 1»a 

Stock 

Closing 

price 

por.ee 

Day's 

change 

123 

Grand Me: 

.... 272 

- 4 

39S 

^ 2 

imoer.al Grauo ... 

?5>* 

— 

299 

- 6 

LASMO 

... 243 

+ 3 

227 

- 3 

North Kalgurli 

.... 19H 

- 

463 

-15 

P. k 0. Deld .. 

... 153 

— 1 

242 

— 18 

Ptesaoy 

... 510 



MONDAY’S ACTIVE STOCKS 

Based on bargains recorded in 5E OdidJl Use 


ivJLF/x X 







Monday’c 

Riaes 

Falle Same 





No. ol 

closing 

3 

78 

12 


price 

price 

Day's 


price 

price Day’s 




Stock 

ihonges pence 

change 

Stock 

changes pence change 

6 

9 

61 


16 

667 

+ 17 

EP 

11 

280 - 2 

163 

294 

871 


15 

C34’. 

- TJ, 

GEC 

11 

£10\ - 3 « 

123 

84 

305 

Cns Gold Fids 

13 

473 

+ 8 

Imperial Grp 

11 

97 5- 1 

22 

34 

62 


12 

276 

— 2 

Rug tv Portland 

11 

86 - 5 

1 

3 

18 


12 

292 

— 

Thorn EMI 

11 

440 — 

46 

44 

65 

RTS 

12 

440 . 

— 

□•Milled 

10 

193 - 2 

68 

28 

52 

Assoa Dairies 

11 

150 

— 

Raral Else ... 

10 

522 - 5 

43Z 

572 

T.43G 









FT-ACTUARIES SHARE INDICES 

These le£ce$ are the joint complaB o a of the Financial Tines, Vie tnsttnte of Actnries 
anO the Facafty of Actoaries 


EQUITY GROUPS 
& SUB-SECTIONS 

Flgiires Id parentheses show number of 
stocks per section 


1 
2 
. 3 

4 

5 
b 
8 
9 

10 

ZL 

22 

25 

26 
27 
29 

32 

33 

34 

35 

36 
39 

n . 

44 

45 
-46 


CAPITAL GOODS 1209) . 
BrfhSns Materials 123). 


Contracting, Construction (2B>. 
□ectricabOU. 


Engineering ConlnEtan QD— 
Mechanical Engineering 167) _ 
Metals and Metid Forming Ol) . 
Motors (20)- 


Other Indusbul MaterMs 08) . 
COnSSNOER GROUP (202) — 

Brewers and DtalSters (22) 

Food Manufacturing (?2 ) 

Food RetalHog 04) . 


Health aid Household Products (9). 

Leisure (23) - 

Newspapers, PubHsMng 03) 

Packaging and Paper (14) _ 

Stores (O. — .. — 


Textiles CZ3>. 
Tobaccos (3) . 


Other Consaner (14). 


OTHER GROWS (76)- 
CbwricaisaS}. 


Office Equipment (4) 
Shipping andTrassport 03) 
h6y rilaneous (44) 


Tims Aug 24 198 

2 

Mm 

Aug 

23 

Fit 

Aug 

2D 

The 

*”> 

19 

Mat 

5 

Yar 

*80 

(rt>pn»J 



EsL 

Earnbigs 

Grass 

Uv. 

Ed. - 
PIE 






Index 

Day’s 

YMd% 

Yield % 

fetta 

Max 

Mac 

Index 

tadne 

Index 

No. 

Change 

% 

(UxO 

(ACT 
at 3Wt> 

(Net) 

No. 

No. 

Ml 

No. 

No. 

4X&5I 

-OJ* 

935 

430 

1334 

41202 

41370 

41fiJ5 

4KM 

3(737 

345.75 

+0-4 

pm 

533 

1822 

34441 

34468 

34178 

35X65 

322.98 

644.03 

+01 

1361 

479 

879j 

MS 20 

MUM 

64L86 

64978 

589X 

162&57 

_ 

bSA 

199 

1934 

162915 

164245 

362778 

MfiBjn 

321248 

47242 

-0-8 

1X89 

640 

8 69 

47603 

47698 

43496 

47975 

49860 

2BL68 

—12 

1X99 

564 

3800 

268.87 

2BSJ9 

28868 

28268 

Will 

15244 

-in 

1231 

7195 

2007 

13537 

155.98 

iP,p 

15347 

166.71 

80.66 

—16 

3JQ5 

865 



SL96 

83.49 

8U8 

8241 

14425 

346.98 

-0.9 

1067 

645 

1147 

35621 

36855 

3(738 

39871 

38858 

335.06 

-86 

1X99 

5l24 

HUB 

33542 

335.98 

32*35 

33322 

28872 

37501 

,-xe 

1241 

SM 

936 

32875 

38L78 

37L96 

3X48 

29987 


-05 

35.98 

641 

732 

08 

2K06 

•m fcs 

28339 

26729 

71X19 

+04 

839 

346 

1462 

71046 

79502 

64637 

64849 

55027 


-L2 

645 

332 

1748 

51825 

51549 

58727 

51164 

34916 

428.73 

+03 

962 

547 

12-91 

42720 

42843 

mu 

-0537 

45332 

52851 

-04 

1264 

534 

1837 

52309 

52825 

52908 

53805 

385.99 

23848 

-06 

17.® 

803 

666 

13X65 

13X72 

13946 

19232 


29343 

-06 

9.72 

466 

1367 

39L55 

38245 

29411 

29864 

26488 

36641 

-0.4 

3X93 

644 

874 

14601 

16425 

16482 

16645 

ML88 

34QJM 

-12 

22.94 

7.93 

487 

35341 

352.98 

39957 

35849 

26887 

MSU 

—04 

648 

5.48 

3045 

a&n 

26328 

26109 

26126 

w« 

257.65 

-05 

1344 

655 

945 

299106 

259.35 

25727 

29988 

2507 

33X06 

-14 

3877 

749 

805 

33693 

U7-2J 

30X68 

38631 

28862 

99.77 

-06 

1638 

875 

733 

mm 

9466 

188105 

Kft 

11239 

56X67 

+03 

1340 

747 

937 

SI845 

96633 

56152 

56308 

52985 

34453 

-02 

2X28. 

5-51 

MM 

39522 

345JB. 

3*377 

387.99 

38858 



NEW HIGHS AND 
LOWS FOR 1982 

NEW HIGHS (101) 

BRITI5H FUNDS (3) 
CORPORATION LOANS <1> 

COM* WEALTH & AFRICAN LOANS ll) 
LOANS |2I 
FOREIGN BONDS (1> 
AMERICANS 113) 
CANADIANS (2t 
RANKS 12) 

BEERS tlj 
BUILDINGS (61 
CHEMICALS til 
DRAPERY A STORES (61 
ELECTRICALS >8> 

FOODS «1) 

HOTELS (2) 
INDUSTRIALS (131 
INSURANCE (2) 

LEI5URE (21 
MOTORS <1) 

PAPER (2i 
SHIPPING (11 
TEXTILES ID 
TRUSTS (IS. 

OIL & GA5 .11 
MINES IS) 

NEW LOWS (26) 

STORES <21 

Heeiamat Lowland Drapery 

ELECTRICALS (1) 

Pleas El. Proas. 

ENGINEERING (ID 
Al Lnd. Prods. Ratcliffs rG.B.) 

Brown (John) Redman Heenan 

Daw Corp. Tu Abrasives 

Derltend Wadkin 

HaJI Edb. Walker ’C. 6 W.) 

fl.H.P. 

INDUSTRIALS (3) 

Am*!. Metal Hawkins & Tipson 

Cl man Inds. 

INSURANCES tD 
Tals ho Marine 

LEISURE (1) *- 

Webb U-i 

MOTORS (D 
Quick (H. a. j.) 

SKIPPING ttl 
Ocean Trartscert 

OIL 4> GAS 13) 

Credo Petroleum Week) (Bermuda) 
Sovereign (MI 

PLANTATIONS (1) 

Luituva 

MINES CD 

Tratnh 


APPOINTMENTS 


Senior post 
at De Beers 


MfUBihlr fim tr ^ the RMndaLTlniBi Bnehen House, Cam amt, uw» Kff «Y. 15R Pi post m 


*> .- 


OPTIONS 

First Last Last. For 

Deal. Deal- Declara- Settle- 

ings ings tion ment 

Aug 23 Sept 3 Nov 25 Dec 6 
Sept 13 Sept 24 Dec 9 Dec 20 
Sept 27 Oct 8 Dec 22 Jan 10 

For rate indications see end oj 
Share lnformaiion Service 

Activity in Options increased 
quite sharply and calls were 
completed in Ault and Wlborg, 
Mitchell Somers, Baglan Pro- 
perty, Turner and Newal], First 
National Finance, Lon r ho, ICL> 
Brunswick. Plessey, GKN, Eagle 
Star, New Court Natural 
Resources, Jardine Matheson, 
De Beers Deferred. Australian 
Consolidated Minerals, West 
Rand Cons-, North Kalgurli, 
Western Mining, South African 
Land, Venterspost, Cons. Gold 
Fields and Hartcbeest. Puts 
were taken out in Ward and 
Goldstone, Barclays Bank and 
Eisburg. No doubles were 
reported. 


Mr Julian Ogilvle Thompson 
was appointed deputy chairman 
of DE BEERS CONSOLIDATED 
MINES at yeslerday's board 
meeting. He is deputy chairman 
designate of Anglo American 
Corporation. chairman of 
Minerals and Resources Cor- 
poration and Anglo American 
Gold Investment Company. He 
is also vice-chairman of 
Barclays National Bank. 

* 

Mr E. Philip Chappell has 
been appointed a director on the 
London board of the BANK OF 
NEW ZEALAND from October 
1. Mr ChappelJ, a director of 
Morgan Grenfell and Co. had 
previously served on the London 
board of the bank for a, number 
of years, being first appointed in 
1966. 

★ 

JVlr Maurice Glynn, managing 
director of AMERICAN CAN 
(UK), has been appointed the 
first British chairman of .tbe 
board. He continues as chief 

CONTRACTS 


executive. Mr John Preston, 
sales and marketing director, 
has become an executive 
director. 

•k 

Mr Paul A. Walton, vice presi- 
dent, has been appointed 
CHEMICAL BANK'S senior 
credit officer for Europe. He 
was senior credit officer for 
London, with regional responsi- 
bility for France, Scandinavia 
and the Republic of Ireland. His 
successor in London is Mr Jordan 
Taylor, who took up bis respon- 
sibilities in early August. Mr 
Taylor was previously based in 
Madrid, and was Chemical Bank's 
regional credit officer for 
southern Europe— Italy and 
Spain. 

Mr BoMn Miller, managing 
director of EMAP National 
Publications, has been appointed 
group assistant managing 
director ( publishing) of the 
parent EAST MIDLAND 
ALLIED PRESS. He will 


continue to be responsible for 
the consumer magazines, but will 
also look after the provincial 
newspaper division with Mr 
David Lank ester as managing 
director of that division. Mr 
Lankester became assistant 
managing director of EMAP 
Provincial Newspapers in 197S. 
* 

Mr Alan V. Dodtnan, chairman 
and managing director of FIRTH 
CARPETS and chairman of Firth 
Furnishings, has been appointed 
to tbe board of READIC-UT 
INTERNATIONAL, the parent 
company. 

★ 

Mr Tom Wans will be joining 
the board of .TARROLD & SONS 
as a non-executive director to 
replace Mr R. A. Parker who 
has retired. Mr Wans was chair- 
man of the Accounting Standards 
Committee of UK and Ireland- 
k 

Mr Michael S. Crowcroft has 
been appointed a director or 
TRAFALGAR HOUSE DEVE- 
LOPMENTS HOLDINGS. 

+ 

UNITED LEASING has 
appointed Mr- Peter Atkin a 
main board director. 

* 

The PORT OF LONDON 
AUTHORITY has appointed Mr 
Keith HcNeish as director of 
personnel and an executive 
member of the board. He joins 


PLA on September 1. He is a 
deputy personnel manager at 
National Wes uni osier Bank. 

* 

Mr Arthur Geoffrey Robinson 
has been re-appomted chairman 
of the ENGLISH INDUSTRIAL 
■ESTATES CORPORATION for a 
further period of one year from 
November 19. Also appointed are 
three new part-time members to 
the hoard. They are Mr Harold 
Leon Waterman: Mr Rouald 
Norman and Mr Gatin Dick. Mr 
Rob/ ni oc who lias been chain- 
nun of the EIEC since 19 k, is 
also part-time chairman of the 
Medway Ports Authority. Mr 
Waterman is a consulting 
engineer, and the senior partner 
in H. L. Waterman and Partners. 
He is also deputy chairman of 
Redditch Development Corpora- 
tion. Mr Norman i s the chairman 
and managing director of Cecil 
M. Yuill. Mr Dick is an under- 
secretary in the Department of 
Industry. 

★ 

Mr Robin nation has joined 
the board of ASSOCIATED 
BOOK PUBLISHERS in a non- 
executive capacity. He has 
recently been appointed director- 
general of the Accepting Houses 
Committee. 

* 

Mr Michael Clohosey has been 
appointed- a director of 
BR UNKINGS BRISTOL. 


£2.4m factory work for 
Babcock WoodaU-Duckham 


BABCOCK WOODALLDUCK- 
HAA1 has been appointed project 
manager and main contractor 
handling design, procurement 
and construction for a factory for 
the Co-operative Wholesale 
Society at Worksop in Notting- 
hamshire. The factory, producing 
various types of glass container, 
will replace and extend parts of 
CWS's existing production faci- 
lities. The £2.4m project is due 
to be phased into operation dur- 
ing August 19S3. 

Babcock WoodaU-Duckham is 
handling the civil and construc- 
tion work as well as the provision 
of utilities and electrical services 
for the whole project with the 
CIVS Glass Operation Manage- 
ment being responsible for over- 
all co-ordination and the supply 
and installation oi the produc- 
tion, inspection and packing 
machinery- 

* 

ERF has won an order worth 


around £lm to supply trucks to 
Saudi Arabia. The order, con- 
firmed by ERFs Saudi Arabian 
distributor Tamimi Commercial 
Vehicles, is for 30 three-axle trac- 
tor unKs plated to operate at 57 
tonnes gtw. The trucks have 
been purchased by the Saudi- 
British consortium Taseco-TMS, 
a part of the Tamimi group, 

★ 

A £436,000 contract has been 
awarded to tbe Midland regional 
office of BOVIS CIVIL ENGIN- 
EERING, by East Staffordshire 
District Council to reconstruct 
Moor Mill dam flood water cul- 
verts at Burton-upon-Trent The 
contract involves the breaking 
out of an existing three ring 
brick culvert and replacing it on 
coinciding lines with a precast 
concrete box culvert with high 
flow characteristics. 

★ 

The structural testing division 
of INSTRON has received an 


order worth £350,000 from Leeds 
University. The order is for two, 
computer controlled, servo-hyd- 
raulic testing machines— one a 
conventional 2000KN capacity 
machine and the other a specially 
designed horizontal machine with 
a capacity of 2000KN. The 
machines wilt be installed in a 
new research and testing labora- 
tory being built and equipped 
with funds given by the Cloth- 
workers' Foundation of the City 
of London. 

* 

UNDER A contract worth £1.5m 
JARVIS will provide three new 
courts at the Royal Courts of 
Justice in the Strand. London 
WC1 for The Lord Chancellor's 
Department These will comprise 
judges’ rooms, clerks' rooms, 
secure corridors, public waiting 
areas, consultation rooms and 
other ancillary accommodation. 

★ 

WDHPEY is busy with a single 


storey block of shop units and 
some office accommodation 
valued at £424,000 for West 
Swindon District Centre Phase 
II. and the construction of a 
warehouse worth £370.000 for 
Norcross Security Plan on the 
Cardiff Industrial Park at 
Llanishen. 

* 

THE OLD town hall at Hammer- 
smith is having its mof refur- 
bished under an £SOO.0M con- 
tract awarded to the DEE CEE 
CONTRACTS GROUP. 

4r 

SIR ALFRED McALPINE & 
SON has started on a £lm exten- 
sion to Telford (Shropshire Y 
town centre which will provide 
a 50,000 sq ft development with 
14 ground floor shops with base- 
ment servicing and include 
27.000 sq ft of office units in two 
storeys above the shops. 

-fc- 

Legal and General Assurance 
Society has placed an order 
worth £lm with AMDAHL CliK) 
for a 470V/8 computer, to be 
installed in November. 

* 

BOVIS has an £SB5,000 contract 
from the MEPC Group to build a 
radio station on the roof of the 
Friary Shopping Centre in 
Guildford, Surrey. 


y 



r 


& 


rii 


* 0 ’ 


f 

S . 


K 


E 


PRI 
mill 
(£5* 
a “t 
can 
ser\ 
Rial 

wan 

brer 

A 

Wa.- 

lend 

nw 

pilot 

wmi 

thin 
resit 
H. 
Jack 
prnr 
rebc 
that 
fere 
and 
tax i 
Rea; 
porl* 
Ti 
still 
econ 
lion 
and 

n ftp ■ 

fmm 
thou 
^lem 
nenc 
in ?; 

He 

in? 

coali 


ft 


El 


A J‘ 

Pft p» 

June 
strer. 
coon' 
lalO'i 
Th 
it vr* 
fJren 
while 
Mire. 

■ Ah 

.'47 r 
j i!' 3 
?'UM 
i: v;i 
belie 
enc?. 
A 

IS pt 

they 
had 
1 Th 
as r 


A 

b 


S’! 


THE 

merit 

tion 

aver 

main 

viihc 

a v 

F-ehe: 

Th 

ere:'*:- 

I'HRip 

rrher 
I're l 

hcinc 
price 
a ecus 
.-lores 
incur 
i he c 
In 


ACTI 

Jailer 

<nont 

derict 

reces 

protc 

perfo 

outsu 

Thi 

achie 

srour 

reces 

.indue 

fallm 
.’emnv 
I'ficaiic 
•'•\shaJ 
price 
more 
'direel 
ill? U 
Las 
vthali 

foreii 


Ejut i 
3 rear : 


1 1PS2 

ably 

1 Alinis 

Is wo 
i 1 doubl 

> adopt 

•r Sr Ai 

; Rann 

'* Lang' 

^ Thi 
-i- ciisis 

fci sente- 

* r fprei; 

Sr oyer 

n <‘al c 

iic tion. 

currc 
*«■ expo r 

in die rc 

v '•way 

iitn i 
cullu 
aOd ( 
otiet 

i 

: Th. 



26 


Conpaflies and Markets 


CURRENCIES and MONEY 


Dollar very weak 


THE POUND SPOT AND FORWARD 


The dollar weakened sharply 
despite a slight rise in Eurodollar 
interest rates. The downward 
trend oF the U.S. currency was 
encouraged hy better than 
expected trade figures from the 
UK and Germany, lower U.S. 
inflation, and a further injection 
of Sljbn by the Federal Reserve 
to the U.S. banking system. 

Sterling rose hy over 2 cents 
against the dollar, but was 
slightly easier against Conti' 
cental currencies. 

DOLLAR — Trade-weighted 
index (Bank of England) 119.3 
against 120.2 on Monday, and 
112.5 six months ago. Three- 
month Treasury bills 7.79 per 
rent (12.18 per cent six months 
ago). Annual inflation €.5 per 
cent (7.1 per cent previous 
month)— The dollar fell to 
DM 2.4190 from DM 2.4525 
against the D-raark'. to FFr 6.78 
from FFr 6.5675 against the 
French franc; to SwFr 2.04 fmm 
SwFr 2.07 in terms of the Swiss 
franc: and lo Y251.75 from 
Y2R4.50 against the Japanese yen. 

STERLING — Trade-weight cd 
Index 9L8 against 91.6 at noon, 

91.7 at the opening. 91.6 at the 
previous close, and 90.8 -six 
months ago. Three-mouth inter- 
bank 10 f 3 per cent (14 per cent 
six months -ago). Annual Infla- 
tion 8.7 per cent (9.2 per cent 
previous month) — Sterling 
opened at SI. 7475-1.74 85. and fell 
to a low of Sl.7460-1.7470 in 
early trading, but then rose 
steadily to around S1.7650 in the 
early artemoon, and a peak of 
S1.76S0-1.7690 in late trading, 
before dosing at SI. 7670-1. 7680, 
a rise of 2.10 cents an the day. 
The pound eased to DM 4.2S 
from DM 4.2850: to FFr 1108 
from FFr 11.99; and to SwFr 3.61 
from SwFr 3.6175, but rose 
slightly to Y444.75 from Y444.50. 

D-MARK — EMS member 
(weakest). Trade- weighted index 

125.7 against 125.2 on Monday, 
and 12L9 six months ago. Three- 
month Interbank 8.60 per cent 
(10.225 per cent six months ago). 
Annual Inflation 5.6 per cent 
(5.8 per cent previous month)— 
The D-mark was very firm 
against the weak dollar in Frank- 
furt yesterday, helped by a 
smaller than expected current 
account payments deficit in 


July, increasing speculation of 
a cut in Bundesbank discount 
and Lombard rates tomorrow. 
The trade surplus of DM3.7bn 
was in line with expectations. At 
the fixing the dollar fell to 
DM2.4307 from DM 24398. with- 
out' any intervention by the 
German central bank. Most 
other currencies also lost 
ground to the D-mark, with 
sterling railing to DM4.2640 
from DM4.2780. and the Frcnrh 
franc to DM 35.635 per 100 
francs from DM35.785. 

FRENCH FRANC — EMS 
member (third strongest). Trade- 
w cightert Index 73.7 against 73.6 
on Monday, and 79.9 six months 
ago. Tfarcc^montb interbank 141 
per cent (14i> per cent six 
months ago). Annual Inflation 
13.5 per cent (13.8 per cent 
previous month) — The franc 
remained protected by very high 
Eurocurrency interest rales and 
central bank intervention in very 
nervous foreign exchange 
trading. The nervnusness, which 
began- last week on strongly 
denied rumours that (lie franc 
would be withdrawn from the 
■ European Monet ary System, has 
forced the Bank of France to 
intervene consistently in recent 
days, while the pop . between 
Eurnfranc and domestic Paris 
tut e reel rates has widened to 4 
or 5 percentage points. Any 
fears that a cul in German 
central bank interest rales this 
week will put pressure nn Euro- 
pean currencies, particularly the 
more fragile members or the 
EMS. such as ibe franc, should 
he offset by hopes of still lower 
U.S. rates. 

But the franc's rhafev perfor- 
mance also reflects fears (hat the 
end or the wage and price freeze 
in France will aggravate already 
high inflation, worsening the 
trade position and leading to 
another devaluaiinn nf the 
currency. The dollar fell to 
FFr6.8095 from FFr68770. and 
sterling to FFr 11.9580 from 
FFr 11.96 at the Pari? fixing, hut 
members of the EMS all rose 
asainst the franc, with me 
I>mark improving to FFr2.8025 
from FFr2.7950. (tie highest 
since the .Tune 12 devaluation 
of the franc. 


Aim 24 


Day's 

spread 


Close 


One month 


% 

p.a. 


Three 

months 


p.a. 


U.S 

Canada 

Nathlnd. 

Belgium 

Denmark 

Ireland 

W. Gcr. 

Portugal 

Spam 

Italy 

Norway 

France 

Sweden 

Japan 

Austria 

Switz 


1,7460-1.7890 
2. 1630-2. 1620 
4.67’j-4.70 1 i 
81. St-82, A0 
14.88-14.86 

I, 2375-1 .2478 
4.Z6-4J9 
148.75-150.50 
18Z.2O-1SQ.60 
2408-2416 

II. 51-11.58 
11.93-12.00 


1.7870-1.7080 0.22-0.1 2c pm 
2.1795-2.1805 O.SB-O.TSe dls 
4.WV4.W, 1V 7 «e pm 

82.15-82.25 12-2ZC dls 

14.94V14.95 1 , 1>«-&iOre dW 
1.2420-1.2430 0.B4-0.79p dia 


IVVpl pm 
110- 295c dis 
80-1 05c die 

18-21 lire dia 

1-Z‘ton die 


4.27 1 1-4. 28 l i 
150.00-160.50 
133.30-193.50 
2412IJ-1414 1 , 

11.57-11.58 . 

ll^yil Wi, 5V7WC db 

lO^t-IO-BP, 1D.B4V10.65* 2*>-3oredis 

442.447 444 J i-445 > * 1.70-1.50/ pm 

29 35-30.20 30.05-30. 10 SVfigra pm 

3.59-3.63 3.60V3.81»r 1WU V* . 

Brlnjan rate is lor convertible francs. Financial 1 l«nc 
5 iT-mnnih forward dollar 0.62-0. 72c dla. 12 -momh 2 


1.15 
-3.85 

2.88 

-2.48 

->1.60 

-6.80 

3.16 
-16.17 

-5.74 

-9.69 

-1.62 

-6.51 

—3.03 

4.32 

3.04 

8.31 


0.12-0.02 pm 
2,00-2. lOd ia 
3-2 ", pm. 
59-65 dia 
8V10 die 
1.35-Z.OSdlB 
3-2 1 , pm 
245'TBOtfla - 

325-370dhi 
58VS9>yiis 
9*1-10^ die 
24VZ7*idb 
8V9 1 * dip 
3.70-3.50 pm 
l7V11*s pm 
8V-5*« pm 
87.35 67.45. 
35-2.50C dis. 


0.16 
-3.78 
2.35 
— 2.92 
-2.49 
-6.28 
2.57 
13.64 
-7.19 
-9.61 
-3.50 
— 8.68 
-3.45 
3.24 

1.84 

6.85 


THE DOLLAR SPOT AND FORWARD 


Aug 24 


Day’s 

spread 


Close 


One month 


•; Three 
p.a. months 


V. 

p.a. 


UKt 

I retan dt 

Canada 

Ncihlr.d. 

Belgium 

Denmark 

W Ger. 

Portugal 

Spain 

Italy 

Norway 

Franca 

S wad an 

Japan 

Austria 

Switz. 


1.7460-1.7690 
1.4090-1- 4220 
1.2340-1.2395 
2.6500-2.6855 
06.53-46.95 
8.4370-8.5425 
2.4175-2.4460 
84.95-85.70 

109.35-110.10 
1364 VI 3801. 

6 5625-6.6120 
6.7775-6.8500 
6.0370-6.0680 
251.40-254.50 
17.07-17.13 1 > 
2.0380-2.0670 
t'lIK and Ireland a 
discounts apply to 


0 . 22 - 0 . 1 2c pm 
1 .OO-O.BQc pm 
0.92-0.57C dls 
0.43-0 J3e pm 
14-16C dis 
2V2 l >o re dis 
0.40-0 35pl pm 
75.175c dia 
60-TOc dte 
12-13tlre dls 
2.Z0-Z.60ora dls 
4>,-5c dis 
2.30-2.50ora dia 
0.68-0. SOy pm 
17.07V17.08 1 , 3- 11.0 to pm 

7D3K.2 04(S 1 .23-1 .15c pm • . 

in quoted In U.S- currency. Fonwird d 

the U.S. dollar and not to rfre individual currency. 


1.7670-1.7680 

1,4200-1.4220 

1.2340-1-2345 

2-B500-2.6520 

46.53-46.55 

8.4925-8.4950 

2.4185-2.4195 

84.95-85.25 

109.50-109.60 

1384V1368 1 . 

6 5626-6.5675 
6.7775-6.7826 

6.0370-6-0420 

261.70-261.80 


1.16 0.12-0.02 pm 
8.06 2.30-2.15 pm 
-5.28 1.19-1. 26dis - 
1.71 1.50-1.40 pm 
-3.85 35-39 d» ’ 
-3.35 5.864 JSdls - 
1.86 1.52-1-47 pm 
— 17.B3 150-450dlfi - 
-7.11 195-220dls - 
-10.92 34-36 dls - 
-4J8 5.80-6. 20dia - 
-8,13 14»f-16din - 

-4.76 6J0-S.50dis - 
3.05 2.03-1.93 pm 
1.68 3V6 1 . pm 
7.00 3.45-3 31 P™ 


0.16 

6.29 

-3.96 

2.17 

-3.17 

-2.87 

2.47 

14.10 

-7.87 

10.19 

-3.65 

-8.94 

-3.57 

3.14 

1.81 

6.69 


CURRENCY MOVEMENTS CURRENCY RATES 


Aug. 24 


Bank of Morgen 
Eng land. Guaranty 
i Index Changes* 


Bank 

August 24 ; rata 


Special 

Drawing 

Rights 


European 
' Currency 
- Units 


Sterling 

U.S. dollar 

Canadian dollar... 
Austrian schilling. 

Belgian franc 

Damsh kroner 

Deutsche mark.... 

Swiss franc. 

Guilder 

French franc 

Ura. - 

Yen 


8141 

119.3 ' 

88.7 I 
118.1 ; 

94.9 ! 
82.1 I 

125.7 : 

147.8 | 
117.5 ! 

73.7 J 

55.6 I 

153.1 I 


-51.6 

-t-10.1 

-1B.5 
4-26.6 
- 2.2 
—15.1 
+ 50.6 
+ 9B.7 
+ 24.5 
-20.4 
—98.7 
+ 27.6 


sterling ; — ■ 

U.S.S- 10l*i 

Canadian 8- 14.26 
Austria Soli. 65* 
Belgian F ....' *3 


0.625612 

1,09701, 


Based on trade weighted cl tenges from 
Washington agreement December 1871. 
Bank of England Index (base average) 


ilg — 

Danish Kr.... 

D mark. 1 

Guilder 

French F 

Lira. : 

Yen 

Norwgn. Kr.' 
Spanish Pts. 
Swedish Kr..' 
Swiss Fr.... 


7i B 
S : 
9i a 
19 . 
5 Li 
9 . 
8 
lO 
5 is 


18.79D7 : 

61.2655 

9.34543 

3.66650 

3J3066 

7.47009 

1606.74 

279.079 

7.2547B' 

120.513 

6.65357 

2.24964 

75.7156 


0.552096 

OJ6B928 

1.19856 

16.9590 

49.2566 

BJ2.716 

2.55517 

3.58704 

6.59989 

1330.58 

244.654 

6.36295 

106.291 

5.86104 

1.98698 

68.7688 


Greek Dr'ch' 30'i 
*C$/50R rate for August 23: 1 .34968. 


OTHER CURRENCIES 


Aug 24 


Note Rates 


EMS EUROPEAN CURRENCY UNIT RATES 


• 

ECU 

central 

rates 

Currency 
amounts 
against ECU 
August 24 

•A change 
from 
central 
rata 

% change 
adjusted lor 
divergence 

Divergence 
limit % 

Belgian Franc 
Danish Krone ... 
German D-Mark 
French Franc ... 
Dutch Guilder ... 

Irish Punt 

Italian Lira 

44.3704 

8.23400 

2.33379 

6.61387 

2.67971 

0.691011 

1350.27 

45.2586 

8.22716 

2.35517 

6.59335 

2.58704 

0.684997 

1330.58 

+0.64 

-0.08 

+0.92 

-0.21 

+0.28 

-0.87 

-1.48 

+ 0.60 
-0.12 
+0 88 
-0.25 
+0.24 
-0.91 
-1.46 

-t-1.6430 
-+1.0888 
±1.3940 
+ 1.5KM 
-+1.6691 
-+4.1369 


sa5safci.«s®ai 

Greek Drachma-^ lia.BIB-lW.ZW 
Hong Kong Dollar l0.48'1D.49«e 

lranRInl ■ 

KuwaitDInariKDi 
Luxembourg Fr+ 

Malaysia Dollar .. - 

New Zealand Dir. 2 . 3675-2. 37Z0 , 
Saudi Arab. Rlyel- 6 - 061 2'®’2f5t 
Singapore Dollar 
SthTAfrican Rand 2.0036-2.0060 
UJV.E. Dirham... 6.47D0-6.479B 


146.80* 
0.5100.511 I 
B2.15-82.aS ' 
4.09-4.10 


28.800t 
1.0190-1.0195 
188.96-189.90 

4 6950-4.6970 

68.90^68.60 

5 9525-5.9625 

84.40* 

0.2894-0.2896 

46.53-48.55 

2.32502.3280 

1.3515-1.3536 

3.4390-3.4410 

2.1350-2.1380 

.1.1335-1.1360 

3.6710-8.6740 


.Austria 

' Belgium 

'Denmark 

' France 

i Germany 

.Italy 

; Japan 

l Netherlands ... 

Norway 

t Portugal 

■Spain 

Sweden 


I Switzerland . 


! United States. 
Yugoslavia.. ... 


' 29.85-30.15 
! 86-87 

14.83-14.97 
; 11.90 18.00 
I 4.24 <t -4.2 BU 
; 2390-2440 
1 445-450 

• 4.65*t-4.69 It 

11.47-11.57 
146-159 
, 180 -ZOO 
10.58-10.68 
! 3.58-3.62 

• 1.74i«-1.76ia 

104-109 


Changes, are for ECU. therefore nnsn.we cnenqr 
weak currency. Adjustment calculated by Financial Times. 

EXCHANGE CROSS RATES 

Pound Strung U^. Dollar 


1 Rain shown for Argentina is commercial Fmencisl rate 68.361-68,401 against 
Iierlmg 38.350-39.000 against doller. -Selling rate. 


Aug. 23 



11.98 j 3.610 ' *.6B8 
6.77B | 2.042 2.662 

2414. 

1365. 

2.1BO j . 82.30 

1,233 j 46.51 

2.799 1 0.843 1.095 

26.94 , 3.117 10.64 

563,9 

8427. 

0.509 1 19.21 
.4,902 j 184.8 

10. I 3.013 3.913 

3.319 ! 1. . 1.868 

2015. 

666.0 

1320 68.61 

0.604 j 22.77 

2.556 1 0.770 1. 

4.964 j 1.496 1-942 

• 514.9 
1000. 

0.465 ! 17.54 

0.903 j 34.06 

5.4B6 j 1.656 2.150 

14.57 ! 4.392 8.703 

1107. 1. 1 37.71 

2936. 3.852 1 100. 


FT LONDON INTERBANK FIXING (1 1 .00 a.m. AUGUST 24) 


3 months U.S. dollars 


6 months U.S. dollars 


r"? n min s? s £ 

SwS&rs awfflrwsss 

Guaranty Trust. 



s:"™r !r- - - - - * r- — 

11.05 per tent: one year 11. 50-11.70 per cent 


MONEY MARKETS 

Bank cuts dealing rates 


UK cl earing bank hasp lending 
rate 11 per cent (since August 
17 and 18) 

The Bank of England cut l 
per cent from its hill dealing 
rates with the London money 
mar ket yesterday, increasing 
speculation of another cut in 
clearing bank base lending rates 
in the near future. This was 
despite a considerable shortage 
of day-to-day credit in the mar- 
ket, and an upward trend in 
period interest rates. _ 

In the morning the Bank-nF 
England forecast a shortage or 
about £700m, but this was re- 
vised to £750m at noon, and to 
£g00m in the afternoon. The 
main factors were; bills 
maturing in official hands and 
a net market take-up of Treasury 
bills -£18Sm, coupled with 
Exchequer transactions of 
-£ 10 m. and the unwinding of 
repurchase agreements of 
-£550m. These were partly on- 
set by a fall in the note circula- 
tion which added £60m to mar- 
ket liquidity- ... 

Before lunch the authorities 
gave assistance of £2l8m by buy- 
ing £14m bank bills in band 1 


(up tn 14 days maturity) at 111 
per cent; £160m bank bills in 
hand 2 115-33 days) at 10; per 
cent: £40m bank bills in band 3 
f 3-1-63 days) at 103 per cent; and 
£4m bank bills in band 4 f64-S4 
days) at 101 percent. 

In the afternoon the Bank of 
England bought another £34m 
bills outright made up of £lm 
bank bills in band 1 at Hi per 
cent: £24m bank bills in band 2 
at 10;- per cent: and £9m bank 
bills in band 3 at 103 per cent. 
The balance of £531m bills were 
purchased for resale to the mar 
ket on September 13, at a rate 
of 11 per cent. This made total 
assistance on the day of £7S3m. 

In the. interhank market over- 
night loans opened at - 11J-11J 
per cent, and touched a peak 
of 1 13-12 per cent, before closing 
at around 10 per cent. Period 
rates were slightly firmer over- 
all, but showed an easier trend 
in late trading. Three-month 
money rose to 10!?. per cent 
from 10?2 per cent, but seven- 


day funds were fairly steady at 
114 - 11 } per cent, against llfr-lli 
per cent 

Following the cut in official 
dealing rates the discount houses 
buving rates fnr three-month 
Treasury hills fell to 10 per cent 
from 10 A per cent. 


EUROCURRENCIES 

Eurodollars 

firmer 


I5»r 




M 


139fl 


1Z\| 




UPS 1 


London 
3- month 
Inter bonk 
. Rote 

\r\ 




v 


F M A 


M J J 
1982 


Eurodollar interest rates con- 
tinued to move up yesterday, 
leading to a slight rise In most 
other Eurocurrency interest 
rates, • including sterling. Euro 
French franc rates also -advan- 
ced as the Bank of France 
continued its defence of the 
franc through higher interest 
rates and direct foreign 
exchange Intervention. The six- 
month franc rate increased to 
2Qi per tent from 18J per cent 
yesterday, compared wiUi the 
current six-month domestic rate 
of 14* per cent Forward posi- 
tions of most major currencies 
showed little change against the 
dollar, despite quite sharp 
movements in spot trading. 
Euro D-mark rates were gener- 
ally steady yesterday’, even 
after the better than expected 
balance of payments figures 
announced in the morning, 
which increased hopes of cuts 
•in interest rates 


LONDON MONEY RATES 


money rates 


Aup. 24 

1982 


: Sterling * Uoca' 'Local Auth.| 

Certificate . Interbank Authority negotiable ; 
of deposit; deposits bonds : 


Finance 

House 

Deposits 


. . Dlsoount 1 
ICompany Market .Treasury 
Deposits. Deposits. Billet 


N€W YORK 

Prime rate 

Fed funds (lunch-tuns] .. 
Treasury bills (13-wnofc) 

Treasury bids ( 26 -weBki 


13*7 

9V®*I 

7.75 

8.99 


10-12 


GERMANY 

Lombard 

Overnight rats 
One month 
Three monlha 
Sm months 


9.G0 

8.75 

.B.S23 

8.60 

8-575 


Overnight. — 

2 days notlce...i 

7 days or ! — 

7 days notice™. — 

One month llir-ilfir 

rwo months.... 

Three months. JOt*-10A- 

S(x months lOie-lOU . -- - 

Nine months... 10* 1DU lOra JO* , 

One year iQJfi 10U 105p-10S* 

Two-year*. — 1 — . . . 


uvuit 

Ills 


1 1 lj-1 1*1 

mu-lias j 

lOrj-liw ! 
10*4 107 8 1 
10^-10^ [ 
i n. im. 1 


1114 

11 * 

11 

lOSt 

10\ 


loss 

11 


11V11* 
1112-11 In 
U ls-lOS* 
10- A 5 b 

10* iou 

1058-lOls 


11 u 

107 B 

10J« 

103& 

10^4 

lOSfl 


Eligible ; Fine 
Bank ; Trade 
Billet > Bills t 


liiu-1134. 10-usi - 


1119 -uv 

1114 - 11 * 

11 

10S*-107 8 , 


ll-lllll - 
103* [ IOTj 

10 H. | IDA 

10 10 




10H j 

10 * 

Jfrrv 

9fi 


lira 

10rt 

10 ^ 




Scheme IV Averaged Reference Rale lor invMtnww period 19 July to 


FRANCS 
Inwrvenlion rate 
Overnight rata .. 
One monih 

Three months 

Six months 


14.25 

14.5 

14.4375 

14.5 

14.5 


JAPAN 

Discount ret* ■ 

Gall (uncondiuonal) 

BJI discount (three- month). 


E.5 

7.09375 

7JJ4375 


ECGD Freed Rale Sterling E*port Finance. 

swJi'ATa.'ars Si® ws 

ZrJSsXEZ’i 

(lanes 5) 11 “ni tram August IS. Dspoatts withdrawnlor cash S per eenL ' . 


Financial- -Times Wednesday Augttst 25 1982 






FT UNIT TRUST INFORMATION SERVICE 


r»'.. ~ 


■ bber Unit Tst. W 

1«3 31 Pauri Chwciqienf EC4P 40X 
H Mi ream* 


Cl-236 1B33 


cite & Fixed Ini — JTjy 


KkA Ik Eduky 
BapiM ftevth 
Axwriow Crowd*. — 162.0 
ConwrmWyAEnwnrKg. 

M ” 




AUTHORISED TRUSTS 


■1 ■ t -■ ■ IJA 

Kiuniinfi MIRM9WIIH 

lRataarySkECSAlFD OMUMOt 

- m-s 


v.. - 

r-r. v * c 
1 * ^ 

t y S: 



Cralgmoittit Unit TsL Mflirs. LM. i_ A C Unit Treat Me n eg tme* ■* . 

Buddwdny, London K4N 38D. OX-2484484 Ti>.SMkEiKtmbb»dMEaNlHA HJOTp 


^ ' ■» ■ ■ t.W > — ^-M. 

HIUVUM WRI JflPRw nm ■ 

SLft»Wht»tani,UBdMEOA _ 05426406 


l (Wirt , 

EwHuFreg. .»NM 

AIIcb Kamy A Row B"** T, L ¥!2J?S; . 
<5. Comftfll, London ECW3F8. 01-62 631J. 
AHRGIH Tnat Om. 101-M -—4 1181 

Allied Hambrc Ud. ta) Cg) 

saawii'aiKVftir 

BataMcd Fond* ^ 

J 

1 121 71 





In) fi Benerai (IfBfi Tit, I hgt) UtJ 
5RMtK 


•ViMly teig &n Wetknbr. 


U, BrutaoDd 


0ZTT717 m 


Cmcut Unit Tit Moan. Ltd. (■](■} . iu 

4 MeMUe Crn. EUMwWiil (01^263492 M? 1 ** 


4MeMUeCm, EdnbughS 
Cm. Ansrlcn 1 

m^z 

Cm.Rcwms 


Allied 

Ml i mb. FfiS 

Growth* lnen««-~^ I 

ABhcdCnlUl 

HantmTund — | 

Harm So- Fund —l 
iimem FunS* 
KMilncant... 


GotL5tcs- 


l nt rr n itl KWl h* 

inmtatkxwl 51.4 

Jarem Fkni, ff-J 

Pacific Ford — M 6 

American SiMC. Sits. . 2*.B 
Sea. Of Amerita— JTO 


(pacMtt tab 


CIH Growth Fd._ J36J 


Smatlrr Co.'s M. 

2nd 5mlr. Cc’sFi 
Rrcovery _ 



Fir Eat 


Smaller Co. 

1I.SA Exempt.. _ 




Darttoftca (Mt Tract HngL Ltd. 
DsningUn, Totnes, DcnnTQ96JE. WOT 562271 
TKN M. 4J* TajaU Z3J0I — J *97 


te.BS5S=fflB.-®*=l US 

Bk. IMt Ysfl. Itesn. Ltt, W 

fl*44454M4- 


Dbcrrtlenary 11 dH Fond M me ea n 

3608 New Broad St, EC2M1NU. 01-4384489 

Dbc. Inc. Auo. 13—1274.9 27118 ._..J A70 jhcaw^- 


D unbar Unit Tract Wane g arc lid. . 

5% PsSIMl London, SW15JN. ■ 01-7302122 

n^g ft 


E. F. WhMMctar Raid Hngt Ud. 

44, BbonotaiT Square. WC1A 2RA ^01-6238893 

“:di S 








w-r # ' 




■jj*. . 


Do. (Accura.) . — . 

Baste 

stSsffhs= 

Do. (Actum" 

E gutty 4k Urn Ita. Tr. ML (4) (bWcl UoycTS. Ufa Unit Tst Mm*- 
Amcnhpq, R*. High YV»«»*6*- 0494 33377 a RtanAiee, K3ABBP. __ 01-6SWJ4 

»« »*=* a 

•77, London WML EC2N IPS. (0-5881815 


Uuahra Mt tst Mfe W 

»aSM»?TWWr 

i 

Pito*T5-gS dM^SonT 


*>:-■ 




sa«* A " t V . 

4 Greet Si. mtrn, London EOF 3CF 


> 7353 


tf-\ 


Andmon Unit Trast »«WnL“-, w m—** 

bl LonhmWaa.EC2R7M 01^38 U»0 

IrdenonU.T^. — ...|67.5 73.31 .....4 319 

Arabscfwr Unit Mgmt- Co. lid. 

1. Nobto SU EC2V 7JA 01-236 KLU 

17 K5 ::-i ^ 

Anthony WWer UnK Trt. Mgart Ud. 

19. WUegate St, London, El 7 HP. 01-247 8MT 
WwlerGwthFd. Inc.KJ gj j 


FWrtty li Ut i noU i iio l M Uae g m ne n t Ltd.. M A B.Eronp U(b3U ■ 

‘ Kant (C732) 362222 . Thwr Tout ML ff *. ' 

fiKJSiSia: 

W 



Arbuthmt Securities Ltd. UJCe) 


37. Ikietn St, London EC4R 1BV 


Caoital Growth — 

(AccumMatlon) — 


.astern , . 

(6% Withdrawal) — | 
Fhnanc* & Fraporty , 


Foretav 

CHI JunanT .. 

7dcamiaUtion)_._ 


James FMay UnK Trust Mngt- Ltd. 
1D-K, West Mil Street. Glasgow. 041-2041321 

ifiSm Wdi borne 
fttoWIt Eoww _Bi3 

rSSteisc:H 

Augrel xP'NrI deaHns 

Fraodlngtnn Unit Mgt. LbL (a) 

64, London YHNIEC2M5N0. 01-6285181 

Aaier. SCcol, B« fAM *14 


income 

j ^iigaL ic 

(AicixnulaUon)'- 
North American. 
Prof* re 


(Accwn uUUon) 

Srojllrr Componia 
(Accumulation) MB.' 




Archway Urdt Tst Mgs. Ud.fi Me l 
317, High HrabonvWClV7NU 01-8316233 

Arfcwrigfat Management 
Parsmagi Gdba, Mandanttr 
ArkwrigM Fd Aug 24. POOJ 

Barclays Unicom Ud.(iXc)(g) 

Unicorn Ho. 352, Romlord Rd, E7. 01-534 5944 


061-834 2332. 
U7JI+2Jf 4M 


(Acoan. 

R abort hour Tnat Mgt. Ltd. 

2Bb AUrwrarkr Bt, W J. 03-4933211 

RofccFraswUt.Tn.1592 MJJ 1 *-00 

Friends Pm. Trmd Muregen (a)(b)(c) 

nudum End. Doridog. Tri. 885055 Dambcni Aug 

E-esa r— HM. gSEfilB&: 


Unicorn America 1 

Do.Aid.hc. 

Do. AiUL Inc... 

Do. CapUal----.. 

Do. EjwimrtTst. 

Do. Extra Income 

Do. Financial ... 


Do. 500 

Do. General — 


Do. GUt&RBf.laLli 
Do. Gir. Paclfl 


KiL Gtr. Pacific I 
DO. El 


Do. Income Trust 
Do. PrfTA'r 


n«. T«. 

Dc. R ecov e ry 

Do. TnBUcFunf^—i 

Do.WTdwtda Ts. 

B'trt-lit.FdJW*. . 

Os. Income 



Fnmh la tart* 

Puftric Trustee, Khvwar,WC2. 

High Yield Aug. K-.W^ 


S.T. Untt Msnngori Ud. 
16, FWmry Clrm, EC2M 7DL 


gT. Cas. locomc 



„ Ur 

cfjfe 

CT.ti^.AGen, 

kf.hn£&: 


Baring Brothers A Co. Ud. 
3, BUhoosgauv EC2N4AE. 

ttSfcdW^ 

Neat Ml Otj Sept 14 Ov 


(Q-2838RS3 


G.T. Far East & Gmi. 

C. A A. Trast (a) (g) 
5 RayleigH Road, Brentwood 
B.U 150.7 



T -1 ' 

j- 


MaflMoA United 
01-4054300 3fc Berkeley So, London W1X 5DA. 01-4996634 

' •“ Aar 4 " 


MaouLHa - Mnagsraeat Lid. 

St. Gnorge^ Way, Stevenage.' 0438 56101 

««»“? gffiSffi — m iU :::J 15 


Ba B i wr Macagemnt Co> ltd. 

14J* Gresham SL.EC2VTAU. ■ 01-606B099 




RTS 


Scntthb Amteahta her 

150 SI VlaeePt SL Glasgow. 
EonAr Trust Acoan, jm.4 


Mngrs.' Ud. 

041-2482323 

ns.q-o.7i los 


McAnaity Famd Mana gem ent Ltd. 

' Rests Hie, lOng WMA*n St, EC4. 01-6234951 

Sa*lEaS£:M ll 
SSBSfcdar 


Scottish EgnHaUc Fond MRsil 6 M. 
28 SL Andrews Sg. EdiaborgA ^ 


Gartann Freni Manigm (a)(g) ?&s?a!ESrifSS 

2Sl Marv Are. EC3A8BP 01-6OT6U4 Hs«.^ 252 Ron^rtf BlL^ E7^Clj534 W 


BMwpsgat* Progressive MgnL Co. 

Suck Exchange, London, EC2M H13. 01r5M62B0 




AecUnlB — — 
B 'gate I nt Ain 17__ 
Accffiw Aug 17 — 
Beckman Aug IS — 
Can A For Aug 19 _ 



2SLMaryAre.EC3A8BP 
DeaMne onlr 01r6Z3MH 
American Tn«t__J 

Ainrrallwi Trwdta 
British Ht.^1 
BrithtrTjt. 

CmmuiHtr 

Extra IbooOTI 

F,r fSiMn^ 


Mercury Fmd Ifaengan Ltd. 

30, Gresham SL.EC2PZSL (&-6C04555 

9<L0| -OiJ 142 

146R-a.4f 


Bridge Fend Manger* (alter 

RaghHse, King WHHam St, EC4. 01-6234951 



High In come TsLj — 
Incnnan Fimd^ 
Ins. AgeMletl 
tac.S8rth.fl 
irff Tst. (Acq 
tatLTst-IDg 
■tanTrustH 


Special Sits. TH-...,..! 
UK Sm. Co. Ike. Tran . 1 


Britannia Bp. sf Unit Trast* Ud. (aXc)(g) 


UK Spa Limit Finds 

Assets 


Recovery — ,, 
tllerCoi. 


Small 

UK Bhw Chip*. 




(02961425 


Seotfhk Widows’ Ftand — . 

P.D. Box 902. Edinburgh EH16 58U 0314556000 
Pe^ann Tst Aog24_flA3.9 ULN -061 — 

SI SCCO Money Frank 
66. Gaboon Street. EC4N6AE 

WPST"*” ‘ 

Stewart Uoft.TsL Managor* !MM> 

45, CtisrioB*Sq,«Wwgh. 031-226 SDT, 
♦AmerieanRart__B«_ 1K3 --4 2J0 
Jkon. IMsir— i-W) lluhj — j — 

ai' 


, , . ■■ U"U« ■ - 

WMWrawal Urds J, 

-Brithh C^ttU- 


' '•EurreeiurFuri.,- 


074279842 


Gevett Uohnl 
77 Lradon WhO, EC2 
Suddwldm Aiig 20 .1 
Do. Accurl Unlt„ 

Si. European Aug 20. J 
Hot 


Griemson Manaoeinent Co. Ud. 

59 Gredws Street, EC2P 20S 01-6064433 tare?w 


-0.1 392 
~oj ;g 
+0.^ 3M 
+U -3,53 

-Q2 2 3 
-02- jfl 

-0J f 67 
-05 Tat 
-05 631 
-06 tg 

+D5 C.« 

+05 C.« 
+04 3 St 
+05 152 

+04 2 X[ 
+05 217 

4.70 

.. _ 4.70 

■Pricn W Aob. & N«d daaing Aug. 27. 


«rBpeaiTrui>., r j'>+ jf-v c-uj w” 
Oral- tTocs. & rii. *W*d. •rtta. 

Son Affiance Rand Mm ag em t ed 1M, 

Sim AWam-Hse, Horsham. MOT 641*1 

Swiss life Pa. Tst Man. Co- Ud.(aKc> 
M2 Oenside. LdWra. EC2V 6AL;_01-a6 SMI 

M 

Neal dea4ng Seta, r 


Equity DM-' 

Eqaltr Acc c ~— 

FlaMtaLOM-t. 

Fixed tat. Aec-T 
•Prfcrarata 


tPrtce* on Am 4. Next deaheg Sqd J. 
Target Tst Mngn. LbL M («) 

(In*. Mngrs. 1 RoUncaM Ira. Mngt. LUJ 
3L Oreslren St, CCL 

Crnnaodftjr 
Eneeqs__ _ 

GoMnmdl 


59*1 


Minster Final Managers Ltd. 

M taster Hie, Aether St, EC4R 98N 01-623 1050 


Gsnrlian Royal Ex. Uatt Mgcs. Ltd. 

Royal Exchange) EC3P30N MLA Uidt That Rflngmnt Ltd. 

ga gg^s gy- m jists 


£ast m 


Murray Jetautadw U.T. MgnL (a) 

163/ Ho pe Strew. Glasgow, GZ2UH. 041-2215521 


HntMd Unit Trast Mamgen (a)(g) 

Bread St Are, BtamfMd St, ECZ 01-A3S3911-2 
lutnij Sec. Rus. — |6.g -0.« 7.47 



_ SUnailons 
AmorUar. Eagle ___ 
U.S. Sort. Bond Rtl, 
rUanitASogpro—. 
Pacific tacrue 
Pacifk Kn Im _____ 
Worldwide Capita) — 
lucerne 


Extra taoane — 

^Meerae Store. 


4oUl Ire. Trt-..- 


Brawn Shipley & Ce. Ltd. (a)(gl 
Hariands Hie, Hqywanb F*tJL Sx. 0444-458144, 


Oil & Nat Bn.. 
\wttrnmiorel 


sBSm is 

ms a 


Mutual HW> 

National PravUee* lire. Mngn. Ud. 

48, Gracechurch St, EC3P BIH. OW234200 
NPI GlK Ua.TR. — [737. .733 -041 | » 

wlsl if 



... O'jeas..^.. 

(Accum. Units), 

National Wt ri ntebr (a) 
161. Ctwmiside, EC2V6EU. 

Capital (Acorn.) 

Energy ir 

U BE— 


Preferwin-L 

^&toil'Are24..[ 

Trades Union Unit Tnat 

100, Wbsd Street, E.C2. 01-62SB011 

TUUT Aog. 2_ 167.0 7Uf .—J 5J6 

Transattarrtk: and Sera See*, (c) <y> 
91-99, New London Rd, Ctwtarsfort 024341651 
Bartncan Aug. 19 ....-I1JKI U0.7i 

(Accun. Urt*0 _^___hfej 
Cofrmco Aug 13 — _RB7.? 




iAffl-Gwth.TB-456 

Portfolio Ira. Fd __ K. J 

47.4 

Smaller 'Coopnles ,.P9 A 


Canada Life Unit Trust Mngrs. 1*6 
26 Hlgti St, Patten Bar, Herts. 

Do. uSme Dtet. 7 . ^'M i| ~§4] J® 


4 GLSLH«Nre, London EC3P3EP 01-5510094 w ertbgate UnB Trart Managers 


$ 


| 4.78 

si 


Cannon Fbnd Managers Ltd. <*> 

, KA90NB. 01-9028876 


1, Ohmpk Why, WtiriUey, KA90WL 0MQ28B76 

sssensciffi ffisaa a 


Cage! (Jam) Mngt Ltd. 
10(t QM Broad St, EC2N lflQ. 

Cnrttal tt»3 

Income... 


<0-3886010 


Brewln IntLGr. Ire_|47,9 505 — I *53 

H« Samuel Unit Tit MbtlT (a) 

45 Beech St, EC2P ZLX (04288011 

IBritUiTpra r 

Iewshm Tttta 
I Far Fast. - — 
tranm Trait.... 
tAFML ML TR. 

IfcritF.I. Growth __ 

|HWt Yield Tst _ 
taooaieTnBt- 
, IneT Tnat 

[NRRenreccsTB. 


m 


-te74 


av 


North American ___. 

Prices «a Aug fiTNext taft* 

Care, Being Unit Trust MM«arsCi) 
57/63. Princess 5(. MancfaeAr 06J-236568S 

&*SSSiSiS L, ^2 » 

LefTi dCDM IIm Ig.iitfLy £ 

Car Srtog EH 11 . \SM ZX 

Cent Bd. of F1 r ef CMndi ef Engtwd** 
77 London MML EC2H IDfL £0*588 1815 

Aw. Raid July 31 — I 1! 

C barbies OaritW ' - 

15, MoorgMe, London, ECZ 0U»4]£1 

,siasi=l sa I d at 

Ctaritks OfflcU brent Fnrtttt 
77 London WaU,EC»lDfl. HI-5881815 

iSKttard as Id - 

CMcfbta Tnat Managtrs Ud ( 1 ) <g ) 


isca 


HK Unit Trust Mamsn Ltd. (s) _ . . T tl . . . . . 

3Pred4rmR,0MJ(wry,EC2 01-5884111 PfTJWtwl Unit Trait MngmL (a)_(z) 



NEL Tract Manager* Ltd. (a) <g> 

MRtao Court, Dotting, Surrey. 0306887766 

N^sm*rxz:|§4 

SSSfi&sg sfflM I” 


2Q,Moargate. EC2B6A0 

ieru^ad;^ 

Nonrich IMn 

*kh. 

P9M 


P.O. Box 4, Norwich, NR13NG. 

Gram IS* Fund J54M 573JI +02) 


Group (b) 

060322200 
4X1 


Pearl trast Managers Ltd. CaKgHa) 

252, High Hofljgm, WC1V 7EB. 01-405 B441 
Prari Growth Fd. — G4.4 3I-S-0-, . 

Accun Unas ______ [ 47.6 5L3 -OJI 4 

Paarilnt WJ “3 -§3 frL 

Peart Unit tn, i*?4 SZM -£a SB!) 


[Aam Unity' 175-6 


Pelican Units Adrefa. UtL (gXs) 

5743. Princess St, MandiKter. 061-236 568S 
Peflean LMts 11*7.1 1503} +0.4 4-86 


WaSFbLPrhy. 

.inn. UaUsl 

_ WHHiirEPin*. 
Ua. Wall infl. 
LOn.WaKSpre.SHs.. 


TynMAfa. Brgatlt Brads 
Demand ?una» I — — 


II 

Market 


H 


I 



48, HwtSL,Hei*w 00 Thames 

65S==RJ 


049126868 


Money Fuad* 

^ICtcttatsad-tak Dreesa \ 


:::.j til 

+2jJ 12S 


31, New St, EC2M 4TP. 


American I 
Ausoaftral 
F arEmem 
NliBB 





flfftteep' 

Rub: Resoum TR ., 

pSl &3Ttr __ _ 

SmsHerCus Treat [2711 


jl 8 §mSy ^j'p 

HKTaeheDtagyTR_.f 

investment Bank of Inland (a) 

Premier UT Ataaltv 5 RayWgh . 

Brentmud. Eisax - (0277)211 

Soft Brit AITse«__l55J 59Jj *2M IJOb 
Price Aogmt 25. tot sfc dm September 1. 

Imrestmant InteBlgenoi lid. ( 1 ) 

1/3 Worship St, EC2A2AB. 

Key Fund Hanagers Lid. (i)(g) 

1/3, Worship SL, EC2A2AB. 016286626. 


Waritfelde Beenwry.pSJ 

Practical Invest. Ce. Ltd. (y)(e) 

44, Sbwarsburr So, WC1A 2RA 01-6Z38893 

cattl!=w 9HdK 


TSB UnK Trusts (b) (c) <y) 

ID Box X Kern Hie, Ad ore; Harts, SP10 IPG. 


Provincial LKe tab Ce. Ltd. 
222. BBhopsgate. EC2. . 

Prolific Far Eaa 
taiifk Gilt no. 

ProjlBcHnlK 

Prolific ln£. ... . 

Prajlfjc N. Au^t^.- 


016286626 C3S£w 
+07. m pBlSfessw 


012476533 

MS* ^ 

& ;c_ 

54.0 + 0.7 

mm 



TS5 American 

Do. Actum. xnwi 

if 

TSB General 

ir? 

758 Income 

UM 

T58 Pacific 

Do Amur 

T5fi ScottldL.— _ — 

P 

TSB Start, opps. 


Ulster Baade (a) 




Pro*. Portfolio Heps. Ltd. (a) fb) (e) 
Hofcom Bars, EON 2NK. 014(09222 

M 

rnngx En 


WMng Street, BeMnt. 
MUlstar Growth — |4M 


28BZ 
50J* — 0U8 4># 
Unit frost Account & Mgmt Ltd. 
RegtfHie, King WBHfm St, EC4R9R; 01623 4951 
Friar* Use. Ford — 1546 5B-1M i 4.98 



keir^™. 

Key (tteome Fund 1 

Key Ftad Incfd. i 

Key Soon Co's Fd--; 


Chouiartow Fond Mraiaacritg) 
57^63, PrihKB SL. Manchester, 


061-2365685 


fa tteBtre Managewnt Ce. Ud. 

||| 3 1-45 Cre slam Street EG2 01-6004177 

loi ^SlSTusa:® iSg i“i| 

Kftbiwert Bemen UMt m«g« J " 

20,FendrathSUEC3 01-6230000 ?* 8ase * *>*» Mgrc. Ltt. 


NOTES 

Pries are <ta pence ortec Kherwha nvSrettd and 
Ihose designated 5 with no prefix refer a ti-S. 
dollars. Yrtte % (shewn in hut enkranJaBow fvaB 
b«9f*9 erames. a Oficred prion Marie id 


mees. mm 


Canfsriara t M Funds Mgt Ltd. W 

50,C?Bn«ryLaDt,WC2AlHE. . 0KM2Q282 
Growth Fuwl jO-7 . «J| +!*■ 4J9 




W«w*. h Tora/}prK«.‘c YMMed on gfltf 
price, d Estimated, a Today's aporita mice. 
A OtsrtMion free of UKaxnTp Pwtadfc 
iwhso hrwnmra ptes. . s Snob pre m han 
htturam. 1 Offered gnu tadgds aS nan mi 
effqt agents canrateioB. y O ff e red p i tee ta dw let 

MexpeosesdimraitdaoDdrame 

*TtJrter 9 wrarmey jraa. 

*YJe« before Jmay tax. T 
H <Wy aodible- u rirambii bgtDes. 



f* 








INSURANCE & OVERSEAS MANAGED FUNDS 


: •■ ^ 


>, ■*..' * 
''*• , r 

•c. 


. “■** ,.- i v 


Financial Times Wednesday August 25 1982 

INSURANCES 

AbbqrUhAttanHKcCo.LM.cz) h^ F(L 

133L. Part's Qxacifrartf EC4P 4PX. (Q.?4R4vii DBS 

Property fund 1229.4 241ft _.,l _ Crown. Bril. hn.A_ 

Brtfrft to- BA jEjj -ai __ Fere- Mixed. Fd 

fS&srrritfc 3033 E StSSfe 

sSssgs^H SSsir Sa|«Hs= 



' : . i . t- 


. _\ i* r . 

.; ) l 

* '•- » * 


A C 


BSKfcziflB 

fixed Int Ftf Sfe-. 4_ 2325 
Intoned Un. Series 4 lOOfi 

ggfezzg* 

Preston SffiSl»d_. 1511 
Pasta ttragetf_ n&a 
Ponton S«a*ky_Z! E7J 
Pen** Rjeed !*,„. S.T 
Aosta hta ra fl Im.. 2004 


r Life Assannu Co. LltL 
StiHtogtaSU WJ. 03 


GiMtvae Management United Quest Fund Mai. (Jersey) UA 

P.aBoi7^SLHeUcr.Jen«. 053473933 P a Em 194, St Hefief. Jen 

CiwwIOe Inr. Ta l£629 .- MS — ^ ^ 0uc5lSUa.fiA M-’-|f&32 

Mat duhng at Sep 15- Quest imTsees. Isi7fas 


OfiMZMtt- 


£63*0 > 


Bens. FriTfi*. Act— 
flens.Fatf.fm.tUf.... 

Pens. Money Aea__ 

Pens. Money Ml 

ffl, atfton 5L, E 

Crusader toan me PLC 

Tmer ffeft 38 Trinity So, EC3N40J 4882323 

Btgl« Star tasra-jMhftretf Assor. feSAp 

l,Tbre»dncedfc St, EC2, 01-5881212 OtftnBfl 

E*9M7MM.Ufeb 1834 8U| -Oft &% gBataD 

Equity * Lw Ufe Ass. Soc. Ltd. SKL'Ifefi? 
Arosdwitoatf Wflhttyeombff. 049(33377 pSZPtIGmSx 


Ufe Assets Col of Pettmyinub" 
ft New ftL, Chatham, KmL MedNftyE 
UCOPUrff* 02.93 1253| ...4 

t u«fa life Assmoci 

EC2A-4HX OMBD Q2D2 


HohMi Union ksma Gr o u p 

POBoe A Norwich NR13MG. 060322200 aotaUhlWlA 

jg«flgg *£12* Stam*#IifeA*iNrw* 

Kgtrr^ — ~ .gfl tSj 3 lI - ' 3fle«wSL.&fc*ur*EH2t 

fed! 13= 

H a tali Otto Ufe taw -niS^Ss — Km a 

Safety IVu iM WltT _ _ [aS o 

KjsfczjS m2 ::d z ^-rr-— ® 

ggj r Ml §1 -J - KSKSgEM 

Bgssq iK ffla= 

ta.Uoastoofe*®.?’ I .~~J - 

Pari I Vm i iiw?eo (Unit Fonts) lid. Son Affiance’ faa w c o 

2S2Mgh Hdboro, WC1V7EB. QW0584O. SLn AUtaa Hone. Hontaa. 


Standard Life Assume* Comp any 
SCecepeSt. E**ur*EW?WZ.' 03t225T97£- 

ihta 41529 wig +aii .— 


7- H 

&I52£ 

Op. e Pep 
5881212 OB-biBO 


WflhvtteMta. 
UKEtatJoFcrt^Rgj ; 
Wgher Ine. Fort poi 3 


sssjsf^- 

ML Flat laLFtf 
Pnn.Fd.Acc. 

&fe^A« 

litS.Mn.PnFdAcc 
nta.BmAec.__ 
MV* iiw.PeoAoc 



01-4375962 

j. 5 rlM HUCtUH nnL 

® = sasssEC 

as = 

’*■' “ imefcatkita Fund— 

Tx-: ~ Mhe tfF ota. 


z 


PwrvPr.CfLAa 

Pws.E4.Ae.Aaji.p 

KO&&S 

FSB.FM.ftn.15_l 


- ANEW Life Aasuance lid. 


■ 2a PMnctoi Wales Rtf, {Tmouth. 0202762122 ML Pen. 


Equity & Law (Sfamocd Funds) Ltd. 
AirenhamRataHMiWyconte. 049433377 
Ind. Pen. CqUtjr 
/ad Pen. Props. . 

IikL Bsl Fund foL__ 
bHPw.lndxLk.Ses., 

ML Pen. 0 «eaew - 
Ml Pm. Cab 


tanagedll^H 

Money Fd. 
EquUyFdH 

FlxetflntFS 
Property Fd^B 
Managed PtanJ 


Money Pasta Fd 

’ PraptaQr Fetaoa Fd. 
AMPflFtatawta 
AnN«tan&Gen. F4. 

Income Fd 

ML Growth Fd_. 

Capital Fund 

Aeeowry Fund___ 



m 


wi *27i _ 

i«jJ +xo - 
I03t2 i ; — 
1513 +0^ _ 
102X1 +0.9 — 


Irttf Pan. Dep Atato .0385 145. _ 

Wees a Aug 12. tad sstbemM Sept 9. 
fircaa PbbIsi Funds— Poca ftenarie On Request. 

Family Assurance Society 

6ft East Street, Hanham. 040350255 

Faetiihr A, Ita aged ^0763' 179.41 J — 

. F^ni&B.Manaota._toJ. ,_.J — 

Family a Fb2ed Int EgfdS lll^ EEi] — 
Fam«y Capita/ Moptf 1 ^- “ 3 1 

Partly Brit, ii 




imirtwtBUfe CommHy Sar. UdL 

POte^ Dw Bta^^ ^^0b»239n 


"aaatt 


Not deaMs &l Sta 15- 

Gdmtms Mahon Int Fund (Guem 
BO Bo* J8Q St. Peter Port. Guernsey. Mai 

•“ffiStrKftiJSSw'l 

Hzitaro Pacific Fund Mgmt Ltd. 
21ia ConrtaMhi Centre. Hons Kang 


Quest tmTSecs. — 
Quest Ml. 6d 

Pitas on Aug . 


:m 0® 

NMdeeBngj 


H sssssassBsr «-« 


tan *510 ad *-Q. Nna oL Sot 6. 


3_)HS34i aeO)..-J - 


to femgwdL— ■ 
Fined Inert. 

Cesb. 

Pandonttaaged — 


Bridge Mhiumriitont Ltd. 
GPO. Box 590, Hong Itag _ 




Hartans FtL Mgrt (C.IJ Ud- 
P a Boa Oft Guernsey. I 

C^toafcierYeFtft- 

aeddSKFimi 


as EfetesI 

Poston Cob I; 


Piftnda IntL tn wrtm ait MngnL Ltd. 
Bat 27L ItaensMW Htajta .Street, S 


._ * nu n«c MftW j _ 

.KSSBSazzzTO ®:z3 = 

PWinfe Amragce Cs. Ltd. 

4-5 King WnRamSL,EC4P4HR. 01*269876 

wifcjai sad- 

PI anew Mtfaal hr aarmu Co. UriL 
Its Cradv Rtt. N> Watetan, L'paol 051-9286655- 


late Unfed FM1. 

^5fes. 

Proptrty FukL^— h 


intf BdodAug2t 


IfflaSEZZZ 



-Od — HtfierJeneyC.1. 

+63 - ILS. Data P ta w ta 

An.&rtMs'GafcFK- 

-93 ■— DoCar ineame «--- 
-0-2 — MonaKdaMlSFdt.. 


53££ MSfc 

Far East ft mrt . . . ... . 
RntSterBofl-— — 

Jersey Energy Tg — 


nt US. Donor .. 

Street, St. TantftMTrnsU 
irvn. Dona 


_ ‘Si&sus 

» adKTis-f 

•_• caneaiftBuFund'B' 
■ tEtoWcs — 



0481-36571 
tftOil 033 


R8C bnestment M an ag os IW M. 

PO Sox M6, SL Peter Port, Guernsey. 0W1-2302L 
inti. Income Ftf gU2 „Wg — -J ~ 


barge «i oibH criers. 


5S Rambics Mxmg«K UtL 

IK P.0 .Bit 1549, HirtUiBwiMa. 18092912-7979 

12.79 tartncoAii9.2 B8M 8-931 -—I *“ 

12J9 

|S RrchmoMlLife Ass. Ltd. 

£d? -1 HHi Street, Dougts. i.O.M- 062423914 

_ Coln7ntd_„ “ 1 

_ Donums Bond 

Gold 6aiC 

_ rAsnagaiFgnd... 

PetnxnanOUTriKl 

Do. S — ~ — 
wi Saprt/reTmS 


(3 T9 

ms i?j 


-— 1 “ Hantefwm A dm & Afeo. (Cramsqr) 

oftnwaa SS&XsKPn yMm wa 

-h j« ga: uK3 " iFta ‘ — |is£3 - 

- loo G» Fund Zi£ia36 W.vA BettecMd Asset ftba ag ement COL> 

400 Ta, Hendttson Baring Group P.0. Box 5ft St. JuUam CL. Guernsey. 048L-2674L 

dam 1L7D 80L Gtowester Tower, U. Ptafer SL, Hong Kong. Q C.AincrteaFtf_.B2a3 2261 +041 02B 


UX Growth Fund. 
USMfmW 




Stmller 
Onh.Er 

World Tec — 


tftaaa ed Fund . — ,-0284 

M ara ud Swing* Grot* 

6& Cm Street. Mntam 

|^e| 


13UU - 


465d ZJ 387 Aurttala- 

DM ,J - JWtaletd 

^ran Fund — 

wa h. e y= 


Prendum Life Aasonaca Co. Ud. 
MdBWHtL tatalH eHl 0444 

AmeriewTech.Fd._g^O 102^ +Lf 


G.T. Ifauganent 

16 Fmsbwy Qraa, La 


Borcfey* Life Assur. Co. tm 
252 Romford Htf, E7. 01-534 S44 

BtataA (MM 190 


Money 

Property. 

IftauPemAccwiL 
Do. Initial 
GUI EdgPensAcc. 
Do. Mtud 



G.T. Plan Bond Fund. 
Gt Pin Utah YtdFnd. 
GT Plan F& East 
GT Phi N Am Fund 
CT Phi UK&G.E. Fnd 
CTPtoUMdwDeFi _. 
GTPmWnBndFnd- 
GT Pen High YM Fit 
GT Pen Fir East Fd 
GTPw.l Am. Fd. 

ui iTfT nrirTmcrr rd 


irt UtL 

Land. EC2M 70J. 01-628 8131 




WBXBSS PrtpeffeiwgU 

Hi Sun Ufe nf Canada (UIQ Ltd. 

~J _ 2,3,4, CocfcspurSL, SW1Y58H (00305400 

J — Itapk UW Ptaae 

,._.J — CroMUtoeurt- 

■ u MaggtaAccoum 

Ltd Equity Account 

0444458721 MwgtaFtfAcam. 

I +L0( — &*HtyF(LAcaini_ 





Jersey. 053* 73741 
lAtf ,SS« 4056 MM-Samael & Co. (Guernsey) Ltd. 

- - X ff- 2 ?Ty y dt iP* a Lrfrtwe St, St- Peter Port. Guernsey. C.I. 
SmaSmiSS^ GaemseyTsL (2185 753.7] J *35 


— ac.Sm.Ce.“*.^_|B64 ltt.0 ... 

= gfeSTSSKcpi 7 £i+u 

— oc. HangKfe.Fdtt.ittSaOS 3L9M .... 

fLmadunS 1 3.M KMpjwtS—- 

D-ftJam 1 «7» Eswril**-^ 

dutch Gu)ldrr_[ 48.16 ISwUs Fraacs— 
C.I. French Femes.. 13650 U.SX 


Haedta.Fd.4 

InM.FtfAccH 


HeU Sanwci Investment MgmL IntnL 
P.O. Box 63. Jersey. 053476 


_ MoomFcL Aeon — 
bxMdSesMAcon. 


Brawn fid trier Tst Ca (Jaw) Ltd- P.aBw 63. Jersey. 

"ft tat 563, SL Hufter. Jersey. 083474777 UKEMtta(C.I.Fd).a52A 

sfew m r sBsfj 

B g t tra tldd Muahflfnant Co. ltd. i^SSicZ-ZZ^K 
pa h« MS. tartlUM. Bemad*. li.S. S__ — ; -.^._CS.46 


tPrtto on tag, 13. Nrxt dcJAng Au(* 3L 
"Dsiy deaUfiK. —Aug 13. Men iwHng fta 3L 
nOeaengs tatty Btta ta r- 


31 = 


Star ^ 

■rtCntdi 
AusnSmAug. 


ES»na$dBr ^ 

Prog. EquRy & Life ft* Co. 
42 Hounds*tcfi, London EC3A7AY 
R. Side Prop. Bond — J 2492 I 


sJ::iz 


ButtwfMd Moa hqr nrnt Co. Ltd. 
P47. Bax MS, tatalUM. Bemad* 


-—■I - PatsJAgtfAccAcon.Il6M 17*21 .... J- — Buar %^T±S^UM 
~ 4 — Sn Ufe (hdt ftrawee Lid. 

107, Outride, London. EC2V60U. 0272-299534 CAL Inwcfamt* floM) UHL 

JSaSSfcJffi = KL&S!3gS:- D gSS>“*b!7. 


— GTPwWfertataftL 

“ Asdandnd GEHERALI SjUL 
Z 117, Fmchorch SL, EX3M50V. 01-4880733 
_ IntL IftaagedBond— 0*L7 149JJ j — 

— General Per t f u Be Life bis. C. Ltd. 


+ ?f r Property Growth Assw. Col Ltd. 

j— uoa Hou se, Croydon CR91UJ. OM800606 

London A'dam & Ntfra. MtL Assar. lid- Ml A ~ 

129 KbtgsMoy, London WC286NF. OMOAfOO f 6 — JSJ-J — “. - 

•AseatBSta ISOS 57.A j U - 

AbbqrNatFd. W — ZW1 — - 

**- »« -3 = 


Equity Act. - 2S9JJ 

Faed Interest C*p._ 1«S 
Ford Interest Acc 15SS 

CaW Cap 13 Ll 

Cash Acc. J 425 


at* iTsT ~ 120.46 - - 

jw J L43 llaraged Fund ^975 .1034)+* 

™ W. -4.1M4 Bn 202. Benw, SMutafeift $ 

Next sob. or Aug. 4 H.S Ororseas rtL._._ S22SJ O-jg+a 

Balanced fC5F FiodJ SF14 4* 2067 *0- 

■ - •■ Far Earn ICrossboww . SFS.80 hJd|--lL 

**• Technology UTFFd). 1510.75 lL44j+ft 


063476029 TiKaCngs taery nwtaesa 

- 4 15 

+6‘» 1100 Save & Prosper IntenatlaDat 

J — Ded'im lo 

P.0. Box 73i.SLHcUe, Jersey 

— FVxnd infcsrost Ftadi 

— UeutsrfBTQrV Bd. -*S .1959 10.1S 

••-■ — DUr Fid. lnL**f [57 73 ftm 

•A-ri “ SLFUetP**** bitO 12-71 

r TdiBOnd-^ E!l77 124lJ 

rrtr«33C5 Ftafc 

32a — U K Growth Fund— .11025 UM] 

~ InlwruU.Gr** Si 77 9.<ul 

TriJ F.r Eaaem**.. 51424 15.-W1 

Worth Americm**— £548 5M 

m Srpm’C PISH luifl 


053473933 


IMli -"j 


..j-o 

Ned deelra «fe “Sept 6 **&pt IS. 


— . CepcBra SJL 


HK Fluid Managers (Jersey) UA 

Ojcob Hse, Don Rd, Sr HtHlw. Cl. 0534 71460 CotbAIJ FJads 

HKGUt Fund Lid 0WO lDftOl +101 13.00 gS3^^— 

I.C. Tract Managers Ltd. ptattanwey Ream An 


POBw m 1Z11 Genera 12 . 010 4122 466288 20, 5L Georges St, Ckxigtu, JoM 06K25O 


Black Horse Life Ass. Co. ltd. 
.71 Lombard SL, EC3. or 

Black Horse Mba FtL 
Managed In*. FtL 
PropwtyFd.. 

Fined Merest 
Cash Fd 

I name FtL 

Extra Income Fd. 

WtorhMde Growth Ftf. 


Crosstnok SL, CheshtH, Herts. WaM/umX 31971 M«v*ryManogw 

Portfolio FtL Acc | 139.7 I J _ M.U.FIeribfe 

PortfotoFd. InlL IfyLJ I J _ Fixed Interest ! 


— fiondteta- 


016231288 Portfolio FtL Cib. 

— J — PonfoEo ManT32c.r 
..-.3 — Portfoflo Mat WL_ 


5641 -.1 - 


lautameWFUnd^ — 
Investment Fort (A) 

i§sis5EE 

Morwy FimdlA) 


IntemaUataAcc. l! 

AmrrtanCta 1 

Amertean Acc. -E 

Far Eastern Cap— (j 

Far Eastern AccTUZd 


— Cfedtal Asset Ma n a ger s Ltd. e/d Rt^auar-. P.D. 

— Bemerta Hse, Sl Jullane Are, SL tarfei Inteml GoMFuwL.... 

— Q^fntfvC-L O4oi Adx) 

ii» »M — 1 ui "„ v JrS^ r . 


Muh i iartency Retam ftnrt* 

im? ym ^ U E. S — _ LOO 

1 OMirttS 1000 

■— 1 £ Sterling— 1E» 

Yen 1,000 

,, Fund 


New deaimg ta sept z YS™T.r::“‘;:":|i;Mo - i 

ISF Manag e ment Services Inc.. gpraaFund 

c/d RegM/ars P.0. Ear 1044, Cayman Is. BWT. a - 

,«eS fl SSFu«L....]S7922 83.181 -J 191 Jigg^StagriL 6 


lasS+o-nt — 

m--zi mo 

= Ir.d'fZ 

~ :::.m 


260# J 016 

>. dblmut. 


PA Bos 526. De«L HoUand 


Schroder Mngt. Services (Jersey) Ltd. 



Growth & Sec. Ufe Ass. Soc. Ltd. 

4ft London Fn* Exchange, El 6EU 01-3771122 

Fiexilfe Finance | L298 l J _ 

Landbank Secs 1 5^74 J ....1 — 

L«^Scs.Aa.-h573 16Ld — .1 - 
G.&S. Super RL — i 5.9844 | ] — 

Gnnfito Has al Exchange 

Royal Exchange, £03. 01-2837101 

GwAa ftasMH 

Property Bondi 1297.6 Slflilt I — 


Canada Life Assurance Ca C 8E Unfe d ten 

2-6, HWi St, Potters Bar. Herts. P. Bar 51122 

fSZ&iSkd ^ l:rJ=uES3=Ep 

Fixed InL Initial 0702 

Canada Life Assurance Co of G. Britain Da Actum nzm 

2-6 M^iSL Potters 8ar. Herts. P-Bw 51122 Intemrtkmal IpHteJ... 1273 

- Managed Pen Rnri— (1360 1.4311 .._.J — Do.Atnxti .__ 137ft 

Properly Pen FumL_(lJB5 LluJ .... j — Property Initial UnJ 

Index Lnkd Pea Fund (1.088 1145) 4 — Da. taw. ... — 125.4 


London Life Linked Asaor. I 
100, Ten*fc SL^ BrtsttL BS16EA. 

( Bg= » I 

hrteredSU. 11046 1^ 

Mixed 

Indexed Stnclc IP.) — 


£Sfc3 


I ::d = 


Managed Pen Ftort_B360 L43JJ -_.J — Do. Acnxti 157ft 

Properly Pwi FuntJ,_l]_355 iTfu 1 _ Property Initial Ilni 

Index Lnkd Pea Fund (1.088 11451 4 — Do. taw. — 125.4 

Oeptroi Inrtla/ 117.0 

Do. Accun. 0266 

Cannon Assurance Ltd. gre Pnatiom Kns 

1 Otyrrpk Way, WenXAey HA90WB. 01-9028876 Pms. Managed MOa) 


KM! 

Prop. Bund/En 
Bal. BdjExec/l 
Deposit Bond- 


1.81 20.96 

*~3225 X 

w 

ID 342.9 


Property Acoan.. 

MnotfAccmL 

2nd£iadty___ 
2nd Property „ — , 
artMreoged 


2nd loti. Morey 1233 13fta 

art Index 915 9ft« 

2nd Eg PensJAcc 171? m3 

2nd Pm- Pens! Ace _ 2027. 234.5 

2nd Mgd. Pem/Acc_ 1775 1E7B 

artDep. Pens/Aec 1690 ljaa 

Gilt PYm/Acc 1663 X76ffi 

2nd Ant Pens/ *cc 1335 M13 

artifUtoneyPem/Ax 1386 14*7) 

art Index PnslAo. 93ft 99.S 

LAES.I.F _-6L5 b55I 

LAESJ.F.2 PS5 42fl 

Current ale Am 23, 


Pens. Managed Act, 
Peis. Equity Initial 
Pros. Equity Acc— 
Pens. Fxtf InL Mttal 
Pens. Fixed Im. Acc. 
Pens. Inti Initial 
Pecs. Inti. Acc. _ 
Pens Prop. (aMaf 
Pw.s Prop. Acc. _ 
Pens. Depot MtM 
Pens. DtoosTacc. 


M- 


WM5i ade Park. Exeter EX5 IDS. 
InwsLTsLFtLCap. 
freest TsL Fd. Acc. 

Property Fund Cap 
Proowty Fund Acc. 
WeFunaCap. 

Me Fund Acc. 

Fixed Int rtf tab 
Fixed InL Fd. Acc. 
Gtd.OepoatFa.C8p. 

Gttf Daostt Fd. Act. 

EqdWFiMd 

EartyFixrt ... 

UHenntiow o lFtL 

MerationalFdAa. 

Capital Gwttu Ftf . 

Moneymaker Fund 
Ernst Inx-TsL. 

fSS5?_.._ 


— J — AS WThcr Ac. UtsI2103,_ 220£ — — 

I ~-J — taft-Ua. ^ 2<7ft — . — 

= •= ip = = 

— Prop. Pmsl iap. Uts. ^7.4 — — 

■*_ ygj __ ^ w 

(0925Z155 - 

VI nl _ Equity Pent. FtL Cap. 1712 — — 

+G j l 49 P ta ifed t CkpKul Ufe Asse. Ca Ltd. 
:::'] -ft# 3(HWrtiigeft>atfW128PG. Q1-7499U1 

M V S2L1S2 -— £$: d = 



Capital International Food SJL. 

— 43 Boulevard RoyaL Luxortauig 

— Capita lotFint I 52136 i — I — 


Esmeralda! 0HerPcr)1CfUfl28 - 1+A4S 289 P.D. Box 195. St. Hillier. Jew 0K4 27561 
Sterling Money Fd. . -lOiTTir 12 77141 rlllBA — 


Peia 

Pens, gft Cap. 

Pens Cash 

K^AroxrtcanActf. 

KsSJgl&ltfig mztz - 

Target Ufe Assurant* Ca Ltd. 


-4)2 - Charterhouse Japhat 

-02 — - l'Pw e i ro uter Hovr, EC4 

r- = . 3^ 

— - ■ Prtces « Aug liNm a* fer 


IntemthMOi Baud Trust 

2. Bali ng a Royal, LuxeirAwirg 
Ck A NAV Aug 34 _.| » 59 

ClsBNAVAug2«-..l 51061 


Next wbKriouon dw Sept. L 


HI = 


“T™ Intenratiorai Pacific Irtv. Mgmt Ltd. 

J RZi P-0- Box 8237, 5ft PIN Sl, Spkiey, Aua. _ 

iMLi: Jaurtln Equity TsL IASS. 21 3281 . ...J 8 


investment Advisors, Inc. 


— Cha r terhouse Japhet Currency Maat Ltd. fw international Plato, Houston 

— Ctanwi Hre, S l H eher, Jersey . ■ 053474689 Fhxvrtc lreesLFtf_.l - £31 


J. Henry Scfarotfer Wags & Ca. Ltd. 
120, CneKlMr. EC2. 01 588 4000- 

Am. In. To Aug. -ft (51732 — I — 4 234 

Asiln FdAuglS — . S19oS r0.4a 166 

0*»s1mAub 17 Slt4 — 1 . -J 5.44 

DadlrrtFdAug.24 — S£t>9 2M+(L0a 630 
Jjqn W. Aug 19... . SS.46 9OT -TZ4 077 
Tritalgarfta Jut>31 538976 ) ....J — 


32a . ...4 8J0 S3B5fd7BL»Z 
Jjpn W- Ajg 19.» -I 
_ T rolalgv Fa July 31 < 


— CfemwiHre,SLHeUer, Jersey. • I 

— Ccatral Anats Cwrenqr Ftanta UA 

— us*.— J 1055 lu 

£ Staling -J- 1+ 


174689 HnoMc Invest. Ftf _.l — 
UK Agents. « ume* FMjt 1 
Sentaro IKsibs Carter 


Trt :^ IsZL or 
1 TeL 01-247 ML 


23 z 


Hamfaro Ufe Anurwce P4.C. 
7 Old Park Lane, London, WI V 34J. I 

Fixed InL Dep 1173 0 1822 

EmnJy — 2862 3013 

Property - — - J69.7 2Q.S 

Managed C^p. 1923 202.4 

MaragedAcc- 27E.7 293.4 

Oversees 2012 Z Ui 

GW Edged 104.7 1045 

American Acc 144.5 1522 

Poi^.lOep-Cap 1871 19711 

AHir.OteAC— 325 265. £ 

Rm. Prop- Cap 3322 349.6 

Pen. Prop. Acc. 494.4 5205 

Pen.Man.Cap 327.6 344.9 

Pen. Man. Acc 487.6 513J 


: a-ji sassafe: 

:\MV 

i id price More redueal mnpv. charon atpir- Fir Ota Raxfc and I 

13261 ^ Z PravtacW Ufe An 

Moil -toil — ra IE Enup 22a gumsak ea. 

ThreetkJBtt. Tomer H1B, EC3R6BQ. 01^264588. -- .-. c 

American Rita taxtPTft ,aia +1« - STffil -ZT“ M 

- Sa: SSSe^ffi 


727] .... 
Units ring 1H-7 


M & G Group 

Three ftjays, Tcirer Hlfi, EC3R6BQ. 01-6264588 
American Fund Band P7ft ftlfti +2M — 


Pen. Man. Acc 4E7i 

8 £€&I«%z:S 2 

Pen. Eq.Cap 413.J 


Capital Life Aramncc paCEq.c^ 413.9 <3 

Cdtafoa House. Chspei AUiWtop. 09Q228S1I Pen. Eq. Acc — -—.467.0 49 

Kr » Irani H fit ' I 1Q6 Ute I J — Pen.B.S. Cap 1643 1? 

K^SvtaJSrl T«59 I..4- 82 - &§■#?=•— > 


CMefbta A fU Bwa i e p Funds 
11 Hnr Sired. EC2M4TP. 
Managed Growth IMS. 23 156. 

Mjnaotdlno — 

international 
High Income. 

Income & Growth 
Basic Resources 
American (z)_ 

Far Eastern (zl 


Oty of W tatu ri ws tw A ssurance 1 


Pen. niLF. c*x — I 
Pen DlAJ. Acc. j 


~ 1395 

~ nJi?nLFixvi lP.4 


Equity Bond lAccJ — 

— Extra Yield Ftf Gcxxt 
FamPy Boo* 

Par Eastern Bond— 

•“ GlK Bond 

— High Yield Bond. 

— bxwc-Unked Gt E 
ItxernaUcnal Bond 

— Japan Fiart Bend 

~ Managed Bend 

PropertyBond 
“ ReobveT^^taBond 

” American 'Cap.) 

— Do. (Aaainl) 

“ Depcntt (Cap.) 

— Do-IAccum.) 

— Exjiity (Cap.) 

Ox 'AccaoO 
Fixed Interea <Cap.l 
Do. lAccumJ __ 
Index- Unfed Gt C 


Fled. Fro. Find-. _ 

loterratkxiai 

High Income 
FaEusi—. — . 
North Amencan. 


z 

4C2. 


Kr OdSt Urtl and (fire PHees tag 


Man-SodCm—-^ 

at 

Pita- Flaw Inc. 

Prop. Ftf Cap. 

Pro^ FttSS. 

Prop Ftf ta. 

Prop Ftf brr_ 

Fixed taL Ftf Inc. 
Fixed InL Ftf Cap 
Fixed loL Ftf Acc. 
Freed lift. Ftf 
~ Dep Fd. ta. 

— Dtp Fd. Acc. 

— Dtp Ftf W. 

z Kf&gg- 

InLEqaHyFtflro:- 

InLEqaKyFtfCap 


MLEod^ 

ncL-PtaAc-Pan — 

Mfiftftc. 

Man. Pep Ftf Op 
GW Pm Ftf. Ace. 

GiR Pen Ftf Can— 
FVcpPan. FtLAux 
Prop Pm Ftf Cap— 
Cafe. Ftf Acc. 
Guar- Pea. Ftf 
bxta-L Pm Ftf., . 
hrtex- L Pen Ftf Acc_ 
StorthigFtatf. 
Uft-DataFtad 


Schrader tMt Trust Mgn. Ini. LUL 

Bex 273 Sl Peter Port. Guernsey. 0481 28750 

hinge Cumcy. 1510.7 ' 5363 +08} 7.JQ 

£ Fixed liVcrest . -. — SlfiLJ 64ga+33{ 7CB 
CEcmlv lUfti U9.9( +7J3 320 


tSeriTiio' 1 W69 rtimi _ hivie td Investment Management £ Fraud interest...— tlfti 

n ff 1 " " I 4122 TTj — 1 Charing Cros^ SL HtHrer. Jersey. 0534 7374 L jO 

SwfSkp-^ IT} «U 6 .. J - GdiGrDWlhFMl (£12-55 13.141 4 .3.IW SRx^ireeresi 1[27 

F> Fran a — [ 1»01 +fl^ - Gilt Income Fond — PW 9ft9xl ....J 12J3 Scqtay— . — BL l 

JanSiK Fleming & Ca Ltd. 

Ctawfam Coramotfltfts (Me of Man) Ltd 46ih Floor. Corawug« Owe. More) Kong 
29, AIM Street, DougtaMLM. 062421724 J.F. Japan TsL. hgJM - — 4 

gSr^ t T &S^lz3 tS z 




CM Cwreocyi Gtffi 


Schrader Ufe Assurance 1st Ltd 
Mngd CurrLv Lrte F0IS04J 6363) +4.7] 1 
£ Fixed Irt Uie Fd....|M0.4 670.7Ua6j 1 

070 £ Equity UfeFd U2ft 120K +6fl 3 

aju S Fixed Irt LlleFd... 1093 336.9 +1-71 I 

S Equity Life Fd.- fe).9 Writ 1351. J 

Pn iti 00 Auget 25 Next detag Sept L 


Caruhll Ins. (Guernsey) Ltd. 

PO. Box 157, SL Refer Port, Guanoey 
lnM.Mm.Fd 12240 24401 — J. 


01-2476533 kTL 


10b. P ort w ard Royrt, Luxentaap 
CorfefeMrt 157539 - \4VQ - 

Crrigraonnt Fixed lot Mngn. (Jersey) 

PO. Box 195. §L Hrlkr, Jersey. ’ 053427561 


Do. (Accum.) WWJE - 

J. F.Pac. Secs. Hnc, )B3 90 - 

Do. (AcnmLl— &- ll — 

J.F. InfnLTU (S3 ft? — 

Da. (Acaim.) G3S5 — 

J.F.S.E.A. - 

Do. (ACCW71' g3L69 — 

If. Phii. K.77 _ 

XF. Civ&BdftUU&'pilftJ - 

Da (Acorn 1 (S1501 — 

Japan 4 Pacific CnxTsfSllUS — 

Australia Tsi ZfStx03 — 

NAV Aug 21 Next deaflirtAEj 


— Scrirageour Kemp- Gee t tagn t, Jersey 
100 L Chartng Cross St Heller. Jeney. 053473741. 
0 so SKG Cental Fund — 1179 4 IMfl ..-J - 

“■ 50 5KS lnUkrvFund.._.}504 KO .... J 9-45 

£45 Gilt Bond 039.9 IffJ) — J — 

530 sentry Assurance iRtenufttonai Ltd. 
laiO p.o. Box 177ft Hamilton 5. Bermuda. 

^ Managed Fund 1540049 440541 — 4 - 

~ Signal Life Assurance Ca Ltd. 


» = 


Gin ft«l Uw.L_._45i4^9ft5M -..J 12-00 UxxkmAgott tax. Fkmng ft CtfW 01^83 2«0 (kran Hetaho, Que«nsrany. Ganftar. Taint 2132. 
. Leopold Joseph & Sons (Guernsey) Gr~*SatagmF*..(07 3071-4-. 


DWS Deutsche Ges. F. Wertpaprarap 
GronetxauMg 113, 6000 FVartdurt 
I rents IMBOftt 32401-0151 - 


Leopold Joseph & Sons (Guernsey) 
HirwlCt..SL Peter Port . Guernsey. 0481-26648. 

LJ. Sterling Fund —IS15J6 15571 J — 

L J A S Canary Ford 

Trtqrtone Umager tor lalea pnus. 


_ Delta Gray 
— PO. Box 3012. Nassm. Bahamas 

„z 

74 fldiifu hn liuLitmeut-Trust 


Klehnrart Benson Group 

2SH 20. Fendnirch St, EC3. 

8000 Guernsey hie. IB77 

Da Acoim. 1135 j 


WU-20D4H. sta8fr & pHedtander Ltht. Agents. 

1 * STcataX.SL.EC4. 01-2489646 

— WS^ssmzT^U^ :d SS 

sssatsw 

1 ■ A IS Slratcpc Metal Tr. _tS9C3.0 9S6J« .— J - 


KB. Eurobond Fd. .-f 
K B. Far East (Gicy.) 


Posttach 2606 Btebecvnre 6-10 6000 Frartrfurt K.B. Gilt Fuad--: . 


01-2833933 Hearts of Oak Benefit Society index. Unfed 

B+Uh 1056 129. Hngstay. London, WC2B6NF 01-4040993 DptAcow d 

M- » 0iri= 1C 


::::: - 

z 

m .:::: = 


Prudential P e ns h wa Limited 
Hoftnm Ban, EC1N2NH. 

Equity Fd Aiio.18_pS8.64 39ft 

Inti. Fd AugTlB B62 i J3 

Fixed InL Aug. 18, — (3156 31.7 


Henderson Aihiriidstiattan 

— 11 Austin Friars, Lcrxtoa, EC2. 

— MtfiMfxaneFtf * 

_ Gilt Edged Fund 

Copied Growth Fixrt. 


-:j r SST - * 

H PPPrtxrtlCmJ 

Da (Aecnra) 

01-5883622 
-051 — Property (C^J 

-Oil — Oa.rAccum.r_ 

-o3 — Personl. Pendon 


Ashton House, 499 SMmry Bool. 
MUunKeyaetf MK92LA. 

1 

Sffiferrg 1 

»u5 S 

Si* Goto Ftf ITJ 7 

PULA Fixrt — 2370 24 

Soc. Prop. Units- SL4 8 

Sne. F^Dnh Fuod_pS2 22 

Fred currently < osed to next 

Perfcvin Units ZWM 

. For Paanon P»iees pfetse phone 


BO “ U (^b&606101 


nuui Awrfeo 

Far East Furri 
Propcr.yFtrttf 
.< — -x-jFufrt. 

I Frort — 
Ratal. Prp. 


| Egta Flta-. 

Mbnufecturan Ufe Insurance Ca ' KpFd uS* 

SLGtaxge-sVta-tavenme. 0438i6101 Manned Ftf _ 

— — -fig! kHI H i ~ RoyM Ufc 

1635 utl .:d - *am**rtn 

imShed-— S9-i Wj-H “ to » -SW * WF 

Deposit-..- 159.7 147.01 ..- J . — Buxal Life (Ik 


r msoadu m 

— Pro- Ur* RrthonxrtTta- 

r aaa."-~- ^ g m 

Z. Befepe h wrtw wh UdM 

1030rtonl5Li Mandmrtqr 

! = m 

[- Refiance Mutual 

— TixtaklmWWftKenL 


Yen Rort — 

1 m-recn*, TtaMfeRrattaml Ufe fetf Ca LtdL 
01-4059222 55.57. Ml^i HoBxm WC1V6DU. 

23 — Series 2 Man. Fd 140.7 1 

23 ^ — . . &es2&*iU»Ftf - 149.9 

4fJ ’‘"I - Slrt52Pr(».ftl ^.1255 

„ , iSSi&S&rii - 

1.TJ - TrttoW^rtFtf _ 1795 

1 m ■ 

'061-2369432 Aftn.hm. Ftf Cap. _ W7.7 
|.« „_j _ Man.Pen.Ftf Aec-M234 9 
LU .-.J — Trident Ufe Aosuranoe Ca Ltd 


SSStesrzBSS! - KSteafe 

K.B. Iful. Mtad 

Drad Burpham Lambert ic& sS^ 1 Rt" 

77, Loxdon Wall, London, EC2. 01-^3200 K.BL U.S. Gwth. Ftf _ 

unachraer Diversified Ltd. NAV July 3ft 52251. Signet 6«tra*u 

Mfinehester Overseas Ltd NAV JahaQ. USW10. Transatlantic Fd 


010317481 had Huipham Lambert 
_ 77, Loadoe Wall, London, EC2. 


Mzd = 


London RoatfC 


Winchester Overseas Ltd NAV Joiy 30. Ul 
WbidcsttrUft, Reserves Lid. Cwrontytokl 

Dreyfes InUrcontinenlal h». Fd! 

P.ft-Bor N3712, Nassau, Bahamas. 

NAV Aug. 17 P473 26131 J 

Duncan Lmrie to. Mot Ltd. 
victory Hxtf a Refer Port. Guerosey- 0481 28034 


513.94 

3o.OJ 

14.4T 14 

519 48 
So 07 
39.73 


4 5*3 

;:; j l 


Stronghold Mswagement Limited 

P.O. Bo< 315. SL Hefler, Jersey. 0534-71460 

Comnxxfiy Trust 1129.4 13LS-UI —.4 


0.97 Surinvest (Jersey) Ltd. 

— 4. Hill Sl. Douglas. Isle of Man 

^ CopperTrua K1221 


062423914 

lasa-oia - 


045236541 DL International 


^9 MG Samuel Ufe Assur. Ltd. 
“jjj. NLA TMr^Atkfsroniie Rtf, Croy. 

ZI42 Menatlonal Fund_i 

DuBarFuntf 

- . CrettrtFund 

UH . income Fund 


Deposit— .— . 
Investment--- 
International, — 

Pun ton Fred P 

MaragedlniL- 

teiss i= 

Do. Acaxn. 
Equity Inh 


Equrty Fund 1014 106.71 ..._J — 

SSpFtfOjt Isafel — »65| ..-J — 

Prop Ftf 12nd lure*. 1106 116* -4 — 

KanroedFtf 1116 117.d I — 

Royal' Ufe In su ran ce Ltd. 

Neva Kafi Place, Liverpool I693HS 05V2274422 

Royrt SHeM Ftf 04ft2 2626) -tf4| - 

Royal Ufx (Urtt Urtta 
SBSgtdFund 
EradtyFund — 

IrSiStataFfed 
Gilt F 



TraWato,W,:d 1 3973 1 J £7 ° TSB Trust Funds (C.U 

Korea Infenadjoiwl Trust lOWhartftt, &. Hett«. Jersey (Cf I. 05MWN 

lm. pa! Find Man.: Korea invesL Trout Co Ltd. 7S BGUtFixrtlJtf - ■• 0Rft 1W.0I +tf« B» 

ss j 640 Wi 

J 40 NAV Wra» 662256 I0R value 8909.67. TjB wS^m £S5.'^«ext tuTtfy^ 

Lttf. T?» Korea Trust 

msta. 0481 28034 Daehan Investment Trust Co.Ltd. Tokyo Pacific Holdhias HLV. 

4751 J 650 1-51& Ychb-dong, Vonalx^o-Kl., Seoul, Korea Irxlrna Management Co. N.V, Ctaacae. 

Iftll — J 600 NAV Aug 21 Ixnn 10629) IUSS1453) NAV per dure August 23 $7Q65L 

it Jrxv. Lid. Laranl Brothers & Ca (Jersey) Ltd. T ,h- p>rifre kurc. rsenhtnnfl M 


Prices m Auftia f tel oft tfiy Sept L 


Tokyo Pacific HoUngs ftLV. 


Eroron* DodfeyT^ Mgt *tfUd KmSUW^CI 

PftLBox 75. SL Haller. Jersey. 0534 73933 ff - “J 26&79 

E4LIX.T. 1982 M7JI .._.J - fefift St&r^BSMiOiS 


06^57361 7“^ H * V ' 


Senes (2) Price are tor po*oe* 
Stoei (V These are M pnee 


ikciexkSHdaffer 3JJL98ft Property ; 
prices far earthy poBraes. Pa?»rty t 


Ctariori Htafficrt Managed Fun* LfcL 

15.StJaroeS-sStL.SVM.Y4La . «-930S 


Managed Series A — 
K{< Ltd. Managed Series C — 

'J=L=. SSSSSltr- 


15, St James'. Stf, SVMY ALU «-«> 5474 SgRBldRSiZZ iMft 

B a.ri -z 

Prlcxt tools. Unit derttofe On Wrtfoorixy- BjuiwFiart VQ2 

Fixed !«. Fund W62 

___ , lonawdSec. Ftf.. — 98.7 

Caw nen M Union Group Eurep»an Ftxxi — . - wft 

St Heten-tf L tftdnxfcrtL EC3- 01-J837500 fi*ua<f*««cesFtf- 

25?^^— U9_a ,._J - PVmrtou Frtrt Prices... 

Fixed Inferxst PftA* 1 — _ 


Giu-Edjed Inft. 

airantrad iptf V(72 j — .J ~ 

Do. Accum. 109.7 | 1 

IrxernatlonanrtL _ 1252 I — 

Co. Accum. 12ft0 I -—-I — 

hxSex Lk- GHt Ink 110* -4 - 

Da Accum. 1152 I — I — 

Merchant hwators Asnwsnco • 

Leon House, 233 »gh St, Croydon 01-6669171 


E2wSlWtTru5i-fUft3 ] 

CoBfaderattoo Life iMoca 
SOL Chancnry Lane.WC2AlifE- 


Ii- 


- ttXSStter 

z 5£ES£i!!!3W 


QiHy Pens 

ESSS^- 


Save & Prosper Group 

4,fiLStHeSenX Lntkv. EC3P3EP. 

• 2090 

SS?SL^— B m 

ss^szzgi i 

rrup.rna.rn. — — -W-Z ft"* ** 

®SSStE^Lp 

•Wees on Aug U. tWeridy * 

Schroder Ufe Assurance Ltd. 
Enterprise House, Portsmouth. 

F^d'lmeres“_;^| 


THfer. 

• Tyndall Asmrance/Pei 

01-K48899 iftCatqmgeRaatfBrtstoL 


= .%&z=z 


Overseas ire. . 

UK tar L, 

Dtyxrtt-^—T- 


The Gntffth Association 
A Free Street, EE2. 01KB 7081 

ELA. lrameFtf*_[58.7 &L5M —4 800 
E. A. Sferltog* 178.65 786« ,„.i - 

tafeiM-g'S^Mexi^sU A« 3L 

EnoHxpe Munagrrarnt UcL 
'MMto HH_SL>4rtto. Jersey. CJ. 053476007. 

ag-g&zzl ^ |:d = 


Eurahand Hakfinps H.V. 
Plrternurt 15k W»«ros»atf Curacao. 

Etratikto B21.25 72. 01| 


1 ■—* Lai. Bros. im. lie. ll»5Ml.ooS.n *W 

Laz. Bros. InL Acc ._. JUTtrAUtaff *Y>* 
Lai. Broi. InL Artel- -6ffi 

01-5887081 U*. Bios. InL Asset- DOlftJM «Sj 

.... I 800 Ls- Broi. InL Asset. 150.4446 nftB 

1 “ Lac. Bros. Far Eaa „ 59 -56 106P 

z;1 2X8 Capital Gram Bnti sj!CCi9010W7£J ..-. 


i m lisimn Ktangeroeol Ca N.V.. Curacaa 
3 So NAV per date Aug 23 S5L55. 


Tynttefl Group 
2 Hetx SL. SL Hafiar, Jersey. 

“095 


UX) TOFSLAugW 
Zj lAconr-dajrcsi 


CS343733U3 
rn ... .J 205 


Uoyds Bank (C.i.) U/T Mgn. 
P.O. Box 195, Sl Hdher, jersey. 


AnwrieanAug 19 
lAcnxn. shares!.. . 


0S34 27561 SS£ESBlSP.!z:: Sm 

mrm -» t«x Uoyds TsL O-ieas — .Ptf2 78d| J 330 jeney Ftf Aug 18_ll25A 

SS?^. OB.7SM7. r4 k J 'Stitzk'- ___, 

03053 I —■ j - Hen detag <t«e Aug^ lAecum-Sctreil ...... |S?3 SSSl J 

1 ike i..j- »'asT!feT-'iss,“i 


134ft — 837 
UtM Z.I 040 


ProP-Fw 

“fcf&si 



Ca GuaronfeadCap. 

®-» ZCBBZ %%% 

j — Fre^l IDL Att. 

— 1 — Fixed iul Cap. 


0705827733 U.K Ecpity 

3 +0.41 — Mch. A/nmcan Etf_ 

a -53 — Far East Eq. — — i- 

1 — Fifed 

91 +L9I — CashDepwrt 


SLG. Europe Ob* Batkin* SJL 
9 ftvexoe da to Ubertt Luxerotaoun 
London Agent: FF5 SA stxx y Itee. London ^ 
EC2U 5T3L Tet 01-920 0776 Telex 887281 
EiaepeObAgaUm —I S42.95 l-OXIl!. L 


Uoyds Bank IntentationaJ, Geneva T&ii 

P.O. Box 43ft 1211 Geneve 11 iSvrifeertandi Rap 

Lk9«lni.GfW«h_|SR^50 6Mft§|*2^M L« intcmxkxiai Eqity-.bjU 
Ltoyas InL innmjf (572750 2SSJI -US 7.40 03.5 2TO 

Lloyds Bank International, Guernsey 1TD5 

P.O. Box 13ft Guernsey. 048126761 MonhAroer. Equity- W2 

Ale cinder Fund | 1039 l -...J — da 6 *2.35 

NM asset (Okie Aug. 16 UKEtghV— .- — . 1918 

Louis Oreyftts Corranodity Fund internairFiMdiitf” 

cto Tntttee. P.O. Box 1092. Cayman Islands. c 3Jr£KSn=— 

Aug. 20. Vrtuation S5J0166 Sig?? Flte<) "" — 


1 gen Uoyds Bank International, Guernsey 

* P.O. Bo» 13ft Guernsey. CH81267I 

Ale tander Fund 1 1039 I -...J — 

NM asset (Okie Avg. 16 


_ Eurofex bivestusaits Ltd. 

= i K iiaA i D ssts'-‘" 

— Eurotax bn. Fuad — . 0086 1 


MAG Group 


Mernili. Fixed InL _ 

Dd.£-.- *«5 

SiertM Fixed Int—.. 2168 
Dc. S. 3 745 

S& 


Three Qw, Toner HID EC3R6EQ. 0J-62645BB 5^', «' Spwii .rj-.(l29 8 
072733166 AHanUc Ex. Aug. IJ-Jffi.M 5.Stiffl47| - “ocl £!_ZZZLH 



I1'4 — Pw Man 

Unit U 


’ __ Manned— S74 — . — 

-- - «y P ^= m = =• 

" _ Da Pens. — 

::: _ — VSA — ~ 

_ Ita. Pros — lgW — 

_ North Annrtem 80.4 -. — — 

E = i| ■":= _ 

torXgr rexy ^ j ~ Sw^Fn 

laverfei Ufe As*. Ca of Canwfe iSoaSketfZZlI 1IB.4 —4 — 

Imperial House, Guikflord. 571255 

SSSl&JHfeiii SH-J= 


CCMOtowardl 
Income Dfeu-ac . 
income Acain.- 


or«&MBto,.-m,4 
Preston 1761 

iSSSi — 

ta Pension 209.7 


CosstlMiitai Ufe Insurance PLC 


64170 Mrfi St, OfedW iCRO 99CN 

■■{BffiSJSISrMi St 

ComMfl lo s ura nce Ca Ud. 

SSCoroMf, E.C-3. 

UmGrarttnft-ora- 




1423 1 - 


014805225 Secure CapFd toz.1 gWj —4 — 

j ;:-J - SS5?Sa =rnS Wl d - 

Irish Ufe Assurance Ca Ud. 

Basildan Host, 7/11 Moorotfe. EC2__ 01-606 8401 
ffl^265410 PTOP^MP^ ‘ 

tfGHLSer. 

Mod.Glh.Sn-. 


0306887766 
137.9 +*-9 - 


CrasM * Commerce to«i« (*■ (UJO 
CCUhaHaneoge Lane. EC3A 500 01-283201. 
CO Dreortl Frtf— — 0 1 ' S — 1 

it e 


SESic 

«l fcitf Ftf— __ 
Cw Htjh-tflcocot Fd.- 
COFnperty Fd. — . 



Multiple Hearth and Ufe Assur. Co: Ud 
Brener Certre,^^ 

S^bS 1 S!=i| M l + ^ = 


JSSSSlfcl « 

NEL Pendons Ud 
Milton Court, Doridop Surrey. 
■Uu Pm fjk, 1131 1 


Nefex Grin Inc Acc 
Neiex Managed Capi- 
NetatMrtoaedAcc.. 
Nslex DepwiCap— 
Nrtes Dejiaat Aec. 
Neka inLFxtftoL 
Nrtes toLFnflat 
PAJInttedJcSecs. 
NeUndrxl Ua Acc 
Not sx 


Aroencar Penstoa — 93J W3 — 

ixsztz= SJ s = = 
pagStfa-K JE= = 

Pontons Series B fee Am 23 Other prices an fWSL 


- Scottish A n deaW e luvestmenfe 
~ PJJ. Box 25, CreWorttf Mritotf 

- Wi5S5==ffi = 

- uTftia - 


latacLfatedFM_tl021 M7J| ...4 - 
Vatobra* life Assurance 
41-43 Marttax SU DJtf W1R9LA. (M 994923. 
ItanfiQedFtf B266 Wil-0| — " 

^ Z 

VasAiush P e nrto m Limited. 

41-43, Maddox SL, Ukt, W1R9LA 01-4994929 
Managed fe M0.9 +L1] — 

RS?lntta«__Z ^4 lSd +ln _ 

h3£K*ro6w — : ioi8 — 

Guaranteed-— -I 9J5 1-0-37] — . 

WJodsnr Ufe Assur- Ca Ud . 

Royal Afcert Hse, Sheet SL, Windsor 68144 

HI ~A - ' 

Flea. Ire. fewnh --&»•? 13^—4 — 

FlcOxx And Growth -SlOLri SJ-O*! —4 — 
ReLAssdPre. 10406 [ — i — 


Executive Life (C.I.F. Managers Ud) 
Pjft Box 1063 Grand Cayman ftW.i. 

Trans AllrSc. Gnth. Fd.l SULS2 | ....4 — 

FAC Murat Ud Inv. Messrs 
1, Laurence Poosmey Hto, EC4. ‘ 01-«J4680 

SS8SS^l a B 

Price toSTk WeetJj deatogs. 


FMefity tatemstkwd ^ 

AnerfeanAuagCct- 5»76 

gMsaaiRi 

Aistralla Izl 

Irttraaftwrtfri — f36a 
Orient Fred <z)—_ 

Pactflc Cz ) — ^70 

Workiix) Sana 

American lnc.TS tz> M.4 51J 

Gift Fred 2^9 

*Frico at August 25. 


AuSIlan Ex. Aug 18... -004 

Gold Ex Aug 18 raws 

t Accum. Una/.. (S-T117 

Island __.(176 5 

(Accum Unhs>— —12866 


Management I nternati on al Ltd 
BtortEtarruda BUg, Borouda. «OM9^«XJO 
Bda. IntL Ed ftf Cep. j 83.47 [ — t — 

Btfo. Intv. Btf Fd Ind .,51127 I ....J 1200 
Prices on Augua 20. Next -dealing Angus 27. 

Maraifecturers Hanover Asset Mgt 
PO Box 9C>Sl flricr Pert, Guernsey. tM81239bl 


B rin Co ? m gf fl,y 

aw aft.bzzrz: mS 5 

4.5. rv, s uro 

401 w as=m 

“ Internal. Managed-. E32 

l £07-29^4000 Da S 1855 

T7 I —. J UKUmaged 3W0 

Z7 I .... 1 1200 Do-S P.455 


sastgg^ggSuu-i 1 ^ 

Midland Bank Tst. EfJTO- (Jers^) Ud i_o^n aT^nifneR^Mnkers Ud 
28-34, HHI Su St Heiier, Jersey. 053436281 ? Thicnrorton Are, Lredon. 014386111 

WtfAwoa Gin~-- [W67 10ra»LSliW & B !Sffl!F , u S!:.(lSS77 65.7M-oSrir 

MldOr3ytaile.Bond.lSl.07 llfl W 


Mot M_ G. Tyrrell & Ce. (Jeney) Ltd. 

WEI 23961 P O. Box 436, St Hrtier, Jersey, C.I. 

I lfcja Ortac- .1 — Sltm ..—4 — 


,,4 28-34, HHI SU St Heller, Jeney. 0534 

£00 MltfDraytonGiR |W67 lora -»1J* 

5 XX) MU Oraylcn IpL Bond. [51 G7 L08| ..J 

tV.. Mmerals, Oils Res. Shrs. Fd ine. 
oil PO Box 194. Sl HH«r. Jersey. 0534 
069 MORES Aug 19 1928 9.48) ..~.J 


nc. Unk>n4n »e<ti nent-GeseHschaft mbH 

053427441 Posriach lb767, D 6C00 Frartrfitrt 16 

J 127 Un. tends IDM1SJJ J§-Sg-fl43 

J Urarsii._ 0HW3: 5189-*^ 

Unrenta |QU38* 3930l-rO2D| 


S ts ~nv, Samuel Kontogu Ltfe. Agents Unrenta 1 aula* 39301+0201 

18 \taWl 19C U4.0idBroreSL.EC2. 01-5ES6464 

51ft +ftft & 90 AElT Aug 20 P76 5011 ... I 7.« V.C-A. Rnancial h b nage t nmt Ltd 

25Jjq -ftll 1245 Anolto Ftf Are. 17 „Li5i72 63.15) ....J 224 02 Essex Street, London, WC2 01-35 


Oescrat Lift Assurance Co. Ltd 

' 14 New Bridge S»roet£CW6AU 01-ffi38^1 

MandgadFuhd W19 " 

*SSBfczzz&' ± 


Pen.Ser.2L 
— j — QssttfleroSwSentaft- 

—4 •— King A Shawoo PU5 
' 52 CarehUl, EC1 

1 Bond Ftf Eferopt — K94.04 


Z ^Sv*re Gili__ 

Pa - - - - 

NP1 Penshmt Manageraeut Ltd BunptlxnUoiL— 

4U Gracechurch Sl. EC3P 3HH. 01-6234200 ' 

^ferfSi-flSLsJL- EBS^E 


§333 = 


01-6239433 
95.711-02^ - 


^ Ungh-nU «? .*«-■ 


SS»W!hE II -j = ft® 

mzi- %*F 


National Provident hstitufion 
4ftGrBcecfereh$L,EC3f>3HH. I 
Mnaard BW-4 U&Q 


LegM & Smerai (IWt AsstfeJ UA 

M “~ I 

a i r *™ < 


L g^S^kirr: «5 ml :::: - 

01-6234300. DtfAeaxn. — - — -\iUn2 11291 . — 

-0-3 - ScoHitii Mutid Assmace Society 

XT'S ~ 109 Sl Vmcfe* Sl, Gtasgow 041248 6321 

ill r £ganN 7 *-i3H M»3 :d - 



1XW 04862 303. 

-oft u.* 


rn: 7 jo 

^0= 13J5 
-06 — 
•fli — 
-06 5.25 


5S ^°! 

-01 38J0 






E awracd 

- £SiS3|z=® BBSS 

_ invCaraApzo— - Eaz — - a^acui, 6M0 Ox 

- — Hil mi “ Ktofiutto* *“» « 

- ^ Z ■ Arhuttmot Secertl 

SSSiwamndZttA 9D +U - P.O Bo* 42ft SL He* 

preim Fixrt- 129J ISi +11 — Doflar IrxsxreTiL _] 

3 £**&*.«■ Wt -- - East toll.* EitaW J 

_ PjKtiSH 103.9 Wi — GQv*t Sea. Tj L- — -I 

~ = Steriln^^—l 

Z- ^0 1^4 tU z • BXA Bond liwjs 

= ■=.= asaasa 

Pens UanAxrfW— ?S2 — Banfc of Auioitt 


OFFSHORE AND 
OVERSEAS 

Adg Invortraent . . • 

Ffetfech 70ft 8000 Nkndch 2, Telex 524269 
tnuffilfl ffilIMjJtffll 

Dblritodtoft'AiiB®" 

Atfror h a.. 

Dolritxitkxi Aug *82 

KstribuSii Aug *82 
^^jdooAiig^S 
Albany- Fund Managemen t u ratted 
P.0. Bo* 7ft SLHrtier, Jersey. 0S3473933 

AkB^/SFtf (Cl) — B3.4T.5 H9J9I J 257 

lltrf MfiM *—■ * 77 

Afiee Karvey A Boss lav. MgL (C.I.) 

1 Chareto Cron, SL Helier. Jta- C.I. 0534-73741 
AHR Mire ua Ftf ..ino.41 M?3rt -_.J 1L7S 


Fleming Japan Fowl SJL 
37, me Mctre-Owa Uoentxwv 
FletaugAuga* 1 4L94 1*201 — 

Frankfort Trust In ve s t m ent— GmbH 
Vflescmil, 06000 Frartdare 

MrgteFT-!S& W38 - 

Free World Fluid Ltd 
Butterfield Bldg, Ham too, Bcnruda. 

NAV July 31 I 05006 1 — I — 


117 Jew Fd Aug IS -6696 7601 —J — 

Murray, Johnstone (Inv. Adviser) 

163, Hope SL. Glasgow, C2 041ZZ155Z1 

Pxffic no) JMy «-l S>-to 1 — 

NBL VUestndnster Jersey Fd Mgrt Ltd. 
23725 Broad SL, Sl Helier, Jersey- 053470041 
. High Income Fund — [54.4 5601 ..1 1071 

vgasSsssS Hia « 

'SiJl <by retry Tten. 


L|4 4ft Eaex Street, Lcrxtoa, WC2 01-3536845 
PaaAirer.O-tFtf — 04.48 ' - | ; ...4 — 

ZZ Vanbrugh Fund Mngrat bitL lid 

28-34 HIHSL St Heitor, Jeney. 053436281 

Vattnitfi Cunwy FtfUU.T U3ft -HUH 7.91 

55*1 

- S. G. Warburg & Ca Ud 

— 30, Gresham Street ECS. 01-6004555 

r*d BseuRa£ja u u z^i » 

Kfiraldi Sl::dz 


5601 .. 1 1071 

57.3:.^ \% 


G. T. Maugement (ILK.) Lid 

teerJtgsr 

Ander let Ftf.— 

BferyPacFtf 

imt" 

G.T. Ada Stertl no 
G.T.AiotrtoaFtf 


- A ffi a n ce to la n a t io n al Mr.lkma St eSafSSZ. 

■ - CftM o(JgS"*A WSi ^ -gTiDoltorM 

• — — - Adn AC B/l, 62*63 Ouroc S t, K *. 0124B8S81 C.T. Or. fStrtaJ Fd_ 
“ Rurtxjttai Abo IB (OOft2247> tl0.77S. pal ftT.GtoMT*5Fd., 

"** Z AHwBmut Storarttfes (C.I.) Ud WeXb) G.T.fiv^F£ 

4jj _ p.O. Box 42ft $6 HeBer, Jersey. 053476077 

*.= suffer* S4T3 lx 'ta— 1~^- 


i ~~ Khrt Key tat Plan _ 

& - ^Z= 

;zj 120 

-U2S XP.n i QlU— 

::z =, ftSSi TjriRfcjy-i- SS eSsaad 


Mew Zealand Sth. Brit hwa PLC 
Makiandlkaae. Southend SSI 2/S 07Q2629S5 


Hr = e«SFe=zK’ WS 

ges&ri m= ^ 

SS^^FdSdZlDft? Ifflzr-Z £«rSH.AuBl9_nfl,« IU.BW--4 - 
pSnitaW»-» Si !gj ~H ” Bank of Anwka I ntwrato rtSA 

OoSEFdAuffl9 — «.9 ~ 35 Bndexani ffert to*MtoKvg G .ft 

Z WMares Inaror 1673 
^SSS-aStiT ml Z Prises* AH 12 NM sab Aua lft 

&uJStft?M4]f::^7 §522 z: - . Baralm Unksn IntcwMto rod • . 

Ex Unit ** . I Ctafe, Crow. St Kefer, Jerwy- 053473741 

2S?n TOroSZZ^- MzJSI 


SsafiCos. 

BJ.Paeilie^^! 

GT. Asm Grows Ftf. 

Gwtmore InvesL Ltd. Lda Agfa. 


Hegtt SA 

10a Bsulexard Royal, Luxentoauig 

VAVAugft ...15946 - i 4 - 

1240 IL£L intenutionaf Ltd. 
ftf p.a Box 119. SL Peter Pan. Guernsey, C.I. 

s SSVWnls»#| g :.:J = 

!p_ SuriingManacad |606 65.9) ---.J — 

r” (ml. Fhrd fmerea [fZ2 TSij — / — 

Ifi tota. Managed _„.|616 683 —1 - 

Its? Northgate Unit TsL Utagra. (Jeney) 

L«1 PJ>. Box 8Z.SL Heitor. Jersey. Q5347374L 
5^5 PadflcFtfA*»gll.-..|»74 929( ,._.J _ 

ou pacific Batin Fund, 

~ 10a Boulevard Royal Luxenejouro- 

Jg Adfci'ttTc! toy.^wigL, lJ?\2hir 

Phoenix hrten»bona} 

PO Bta 77, SL Peter Pan, Guem. 048126741 


7 Library Place, SL Hefler, Jsy. Cl 053437217 

Mere Comm Aug 17 ..K1332 13 67rt 351 

Mm.FrTsLAuql8-Cll^ U.$0d ..... 17 

MnaKTa. Aug 19— QB79 1109 — 

SM7UdAugl9 a092 ll.Tffl . 32 

Mere Tran Aug 20 L13.47 1383 3D 

Wartfley Investment Services Ltd« - 
4th Flow. Hutchkw House, None totg 

asjssv-kBB 1 iJ 

sssss. T a-Ba sm a 

Worid Wide Growth Hhnagenwitt 
10a, Boukwrd Royal, Luuatayg 
Worldwide Grit Fd SID J)5 1+ftW — 

tux. Adrc M. £ G. Inv. MnflL Ud. Lento. 


2, SL 6bry i\w, Lowto. EO. 


01-2833531 Inter-Dollar Fred — B.07 


MM*,, (CJJ Ud 
Krttor, jeney. 


493.4 -Ld — 

ffi :.3 z 

UB.4 J — 


Gtriaor* Ftort 

1503 Ikdonoo Hse. 


HK& Pac.TJ.TtL 
JafanFd-: 


FwEagFtad 

I Rd. Currency Fred .. 
Dollar Fal Itx, Fund 

Ster. Exempt (34 Ftf 


, Und rn. w«i» CommodJty Managemnt Ltd ■ 

laSLGertgekSt.ODUiUsloM 062433015 

Wren Com. Fu n d .— (32 .7 34ft ( bJO 

MB1 26741 Owtofe Fred M.7 Wd -J 130 

— J — PreoousMrtal Fund. 137.5 143ft 8ft) 

...J — yawuvrfCnrtr. Fd- 102 «3 i,_.j 226 

....J - Firondii FatUKrtf _ 100.9 .«s3.J _ 
J — Wren Irtl. Fhtf* |».77B 


Skantfa Life Assurance Ca UtL 

— .. r. ■ — j— wv m -5 


IntL Band Fwrt 

SutnxWv Find f to nagt ro (COM! (tf 


Managed Air— - tt aradT nra— -a 
Fn-lrt y Acc. 1313 1^4 — — LTboousSL, Dwtni 

OfeftujAae 1^.7 133.4 -Oft — . LMavnAtM. Ext-— . 

IwrrtaOcnntAa 1^.2 Si +2lj,— RtfW- Miy -: 

^^3 = -SttfiSfez: 3 

• tete cl otter Unis art 2?- Ifle* **"?.*— 

fee fites pieese Plate 01-363 8511 Da Man MtrtAL-*— 


P.O.Boic32DBHgasristoef Man Trt.06242OTJ UK Raedl merest 

iss:isfcE6 ggts 


takmtenl GENERALI &»A. 

PD. Bra 132. SL Peter Port GaerriKT. C- 1 - 

BSXSfS^SSari = 


Province Capitol Intenatlonti Ltd. NOTES 

PO Box 121, St Peter Port, Guernsey 0481 26726? Pnoet are to peace retos otherwHe Masted red 

UKSintamtM 1X3.929 0. 999) — those detfptaMl $ with nB prefix refer U U5. 

.772 0.S30 .... — (Srtlaa VtoKfe%(ttMrolnlaKCDiuinii3lOHierali 

2^ - ■■ ” expenses, a Offered' prtem taebrte- atl 

Dgjs ... — expemes. b Toby's prices, c Ylekt based ca crier 

W et MIS - pn^. V Estimated. « Today's opening fyke. 

^7 ..... - h DMribota, Irec 5 UKto7S 

n«a _ prerokim Imwance plans, i Sngk p rem k im 

l£ 3 — !»“»**■ « Offered pne* tnrtirtos all expenses 

10a ..... — ageofsHtanratonL y Offered price todudes 

LoTM .... — rtletuenmirbourtK through narwertZ Piwtous 

.. 0 8771 ... .4 — *<* Priw- T Coexroey sroa.. * Swsmtotf 

A Tarort Rue 517 0 . 11 . 4 Yield before Jersey tre + r-^ i[ l>rf w ' iiftl 

A«^Nertderttigto9 2ft ^ Only nalMie tewUttft 


UK StedcHBrttet — ., 1X3-929 
tnd. Stnd ri TE r fcft... W.772 

’ ffi tSS&Sso. ig 

»U UK SreTmereri'— !ltL£C9 


U.K. Maoq'Mren 


Rue 6120 m 


detfjg Aug 25. 


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over 
main 
withe 
a v 
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prefo 

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* :, .£> l 
Jijac 
Ivin? 
price 
a ecus 
dores 
incur 
clip c 
In 


ACTT 
latter 
iuonr. 
deriec 
1 reces. 
n proto 
perfo 
outsit 
Th. 
aehie 
grour 
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Joduc 
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!; ‘pmm. 
‘ i’ficatif 
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28 



iw 


BRITISH FUNDS 


Print 

£ 


|+0| TWd 
I - ! ML I W- 


100 

ml 

100k 

1041* 

101 

98k 

1035,. 

107k 


‘Shorts” (Lives up to Five Years) 

S 3 

97k 


m 

90 

1 ®% 

IBS'. 

104% 

87k 

961. 

108k 

111 

im 

411, 

91k 

sew 


Ewh.8Wocl983. 
Exch. 3x1983 



a 

m 


1983 

. jeBZ-Mtt 
Btch- llWpe 1984-.. 
14pc.l964,. 
1984 
Treasury": 12pc 19EML 
Treasury 15oc 1985.. 
EmJv 12k Ciw. *85 .. 
Treasury 3pe 1985— 
»■ 


W [Treasury 3gl986. 


’86..-. 


bSSh 



Five to Fifteen Years 


8S\ ITreas. 12pc 1987._ 
99W Treat 12pc 1987 ‘A 

721; T«S 

SOW Transport— 

79% Treasury llijfc 1989... 
625 Treasury See ■86-89.. , 
85? Treasury 13pel990|±^ 
BSV Ettfv 12'^x 1990”. 
705 rreaJwj85pcW-9ttlt. 
77 S Treasury 115x1991... 
59 W FwdW»5Wx‘87-9m 
765 E«*. lie 1991. — 

m 

70 Treasury lOpc l 1 

80% Each. !*-« ■«.--. 
8&W E«ri*<werl3k« •92... 


80W Treasury 12» a pe'Wl 
05 FundlnatacftO^J 
I 88 Tretsuty 13Wpc 1W3J® 



SS&llSES 


I071 2 

IDO. 

945 

775 

”%! 

1085 
103 kd 
905 
1015 
765 
lOOfe 

108U 

935d 

lWkd 

’TOW 

1355 

1165n 

1141; 

105kd 

* 

54% 

935 

1115 

1155 

855d 

3275 

3155 

5Z5 

U25 

955H) 


Over Fifteen Years 


I fisKHE 

EHiSsgj* 

89 TiWS- 14pc "9&-01 - 

SS KiSSote. 

785 TreaatnrlUtX'OMM 




815 t 

59V jTreasary-s- - 
75% (Treasure il5o 
90 {Treat. 13>ai>c 


-04-08. 


84d 

1275 

735 

107 

121 

106 




1325 


1055 

U65d 


112 


Undated 


275 ICaraob^K- 


'“►'SnJWfc 


315 Cone. 3 5X --~ s - 
a Treasary3x66Aft- 

175 ConsolsZbpc - 

175 Treasury 25pc 


365 

33 

37 

& 


MS* 


Index-Linked & Variab 


1015 

104 , 




90 


Do. 2ws I.t» jB .-— 


Do. acl.L '96- 
Do. 


ijpci.LaTOl. 
De.2tocl.L2006_ . 
ijpcl.L2Qll_ 


lOCPa 


97 

99d 


TI pr 

8.76 

bbM 

3.00 

-k 

1181 



H 

Kjf-i 


t>- 





H 1 * 

lt»-5 

-k 

FS3 

-la 

1155 

E 

13.68 


m 

fJL?J 

Hf 

At 

E 


t# 4 


qro 

Pf 1 



rrs 

-k 

1133 

-k 

1283 

-h 

1217 

-h 

mss 

-k 

724 

-k 

384 

>ars 

-h 

1757 

-k 

115« 

-V 

820 

Kff 


-h 

Mil 

-k 

6.46 

S3 

Fr t 

Si 


-k 



1172 

-u 

7.77 

Qf 


Bj 


Wj 

JE 

PJ 1 


J 1 

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*1^ 

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fit 

pV 

f E 

:lf 

mi 

SL04 


1223 

-U 

10.49 

-l? 

1240 

i 


582 

3188 

1104 

rs 


10.40 

-k 

12.26 

-k 

9.49 


12.15 


11.56 


1074 

-k 

1155 

-k 

HOT 

-k 

11.67 

-«* 

11.93 

-k 

11.44 

(Hf 

FFTml 


hill 

+i T 

■TTj 

-k 

11.42 

-<4 

10.T7 

-k 

11.23 

-k 

11.S0 

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9.69 

-k 

1059 

-k 



11M 

-k 

1087 

-V 

983 

-k 

13.39 

-k 

1104 

-k 

1U1 

Ie Rate 

... 

1048 

-H 

203 

-k 

225 

-k 

— 

229 

255 


8.79 

m 

950 

18.10 

953 

818 

92* 

1020 

an 

9.93 

saai 

893 

8.18 

1800 

10.48 

3021 

768 

1055 

9.75 

4.68 

1067 

1064 

1060 

924 

7J2 


UM 

10.96 

9.26 

805 

UJ4 

940 

11.49 

1157 

11.43 
1164 
1038 

1156 

13.44 

1109 

1153 
U.78 

1158 
1055 
1171 
1177 
1187 
1189 

1110 
1162 

9-52 

1140 

3158 

1181 

1106 

nn 

1154 
920 

1157 
33 38 


10.92 

1179 

1955 

1168 

1146 

11 © 

1144 

1120 

1148 

1157 

1133 


uss 

1106 

981 

mol 

1085 

11381 

1134 

10111 

1051 

10.91 


10J5 

288 

282 


221 

289 


1 NT. BANK AND O’SEAS 
GOVT. STERLING ISSUES 


IB 

1055 




3J1- 

1©>2 


925 

f 1 

ss 


nd 145x1a 1986 
lank ifjpc 1986 J 
14pcLnl987._| 



1 Mi 


1388 



1283 

|Q7U 


13.02 

87^20 


UJ6 

103 

+k 

13.04 


1182 


11681 

11 © 

19.94 

1225 


CORPORATION LOANS 


» 

% 


[BathUl 

BlnnTan 


Burnley 

Cardiff: 


56 


S’ 

SS 

s 

«• 

195 


11x1986— 

G.L.C. 123*23 — . ___ 

2006 J 

. v cW4. 
a35pc lined. — 
Lon-CBip.lgiX'ffl 

[sSS^iSfleMM" 




IBS 

1223 

HOB 

12J0 

'3281 

1928 

1 784 

&2.70 

(l282 
1 1285 
944 
5.981 
6.78 
8J8| 

ten 

1185 


10.96 

10.89 

1125 

mol 

1170 
10.72] 
1089 
10 J9 
1287 
1058 


10.79 

UJOSI 

auLXol 

1037 

11501 


1083 


COMMONWEALTH AND 
AFRICAN LOANS 


9 




77 

J5 1 * 


398 1338 


t 


X 


Ni75XlWM2- 
Do. Tijgc -83-86 — 
S. Riodr25xNan4ss. 
Do. ^jpcSM5A3Sd. 

Do. 4%3C 87-92 A«td. 
ZimbAncAnifCIOOpt) 


95k 

659 

71 kM 

-k 1026 

90W 

-k 8.40 

3*2 


75M 

-1 4.70 

49 

-1 9.05 

398 



1129 

1249 

10.99 


1330 
1430 
17 JO 


LOANS 

Public Board and Ind. 


|$75|4arlcML5x59*B9 
335 | 2*5 |SeLWlr.3|ie , ff — 


72 


72 

33d |-i 2 


6.9811100 
9.09 11.61 


Knaacial Times Wednesday August 25 .1982 




]©i| 

im 

92 

IBPj 

591* 

100 

101 

721* 

69 

79 

76>s 


SHARE 


FOOD, GROCERIES— Cbnt 

*lau I Sack ■ I Price M » |rk!KfpjI 


I X 

• jt j • ■ 


LOANS— Continued 


1982 

MSh lau 


Stek 


- M 


BANKS & H-P-— Cont. 

Prire 1*-*1 W \fn\R\ 


Stock 


nc 


Financial 


* 


82i* 

78 

78 

62 

54 

S3 

62 

57d 


BW - y 
Do. 65 ocl 


Do.8%pclJT. 


103k 

lOiLri 


m 

lOOljM 

*>* 

10.45 

3804 


1186 

UTS 

V04 

+H 

1244 



1021 

1051 

794 


1153 

76i*m 

...... 

1U5 


m 

101 

1015 

101 

1015 

102 


102k 

101 % 


1015 

102 

101k 

*07 

101 '? 


985 

09 

995 

|M0* 

99% 


100 
1 991 

irii 

100k 

Hfflk 


[Nawi&wxSJH 

Do.15kx29.9a2. 

Do.ltf3c27.iaE- 

Do! 155x24 llffi— 
Do. 15 Woe 13-1252- 
Do-165x17.L|3- 
00.155X^83- 
Da. 145pc 1A3R3 . 
Do.M5xM®~ 
Do. l*5oe2A©- 
Do.13Vc»J»- 
Do- 13VWC3A83 — 
Do.l4KA7ja«. 
Da lSicZ5.7J3- 


lOOd 

Wb 

UMXz 

1001* 

un 

1015*1 
IOI3 
1017 


102 


FOREIGN BONDS & RA 


198* 

Ngb U* 


16 
13 
12 
1 $ * 

42 

38 

35 

113k 

67 

HW 

% 

n 

161 

935 


10 

8 

6 

6 

42 

40 

35 

27 

9 

80 

675 

Jgk 

ii6i 

77 


S79 1575 




Da 5pe 

Du. Sue 1913-| 
, Da 5x ■» Boxrl 

lG K§- , 

Do 4pe Mrted AssJ 


Do.1®*cLp 2Dlfe _| 
relanrf 71 si 


Ireland TkpeJBl©. 


]Sse^ 


^,.^_-10Ass 

, Datoc-a^- 
Peni Ass. 2007 _. 

basss 


DM90fDM87jTurtn fc'jpc 1984. | 


= S 


l-k 


|&k.Lraml(UIQ£L| 

jFfe. n.s.w. sai.J 

^ank Scotland £lj 

J*l. 

Brown SMpIry £1 
Cater Allen tl„ 
Chartertiouse ftp. 
Ohe D»-nt20p 
Cam’zbk DM 10 

ClmHUkJCrlOO 

Dawes (S. R.)_ 


MWH - M - 




Outer Grp. £1- 

First Mat 10t>.- 

Do.Wms7W3 

Gerrard Natnl.i. 
G I3e tt Bros. CL 
Goode D’l MryJo 
GrMtays.. — .. 
Guinness Peat- 
HambrosSp — 
HHI Samuel ...... 

Hang Stwj. 5230 

Irssel Toynbee- 

JoHo<i(Leo)£l. 
KbMa$hax2Qp. 

KletrartHt B.L - 
Uoydstl-— - 
MansenFnt20p. 
Mercury Seo — 

Midland EL 

Da7i z SB343 
Do.1011%9398. 
Minster Assets.. 
NaLBLAiELSAL 
Nat West 
Oium3i6aai(£20 
Bk.efScoi 

w , £1._- 
,179k SeoumbeMCEl 
Sec-Pscteftm. 

SmffhSt.Aub- 
Sumd'd Chart £1. 
Trade Dev.SL50 
_» Union Dae £1. 
005 Weils Fargo 55. 
waloWUlTRSO. 


-h I - - - 


-2 




-I 


+k 


iCIVH- 

fd7.5 


2.9(10:1 


5J| ljlM 

4-0 


3J| 


3-55 I — 1 3-2) — 


lllli 


Ji ?a v 


34 3-7 


28 


31 


Hire Purchase, etc. 

IAeKn»i4 1 1 M 


AMERICANS 
smi I T M ft la 


Lnd-ScoLFtn.lOiH © 


Moegue Mm. Uta { 

Prov. Financial. 

Starts Httjv iCp 

Wagon Ftomce | 


-k 


UM 


6.8 


Abbott Labs. II- 
Akna 13 — 

Am»Sl 

Amdahl. 


Aioer. Express HLM 
imer. Iledkal Ind. SL 
Amer.NaL Res. SI. 
AewfcanT.ST.Co.. 

to* America torn. 

Bankers N.Y.S10 


“Sap- 1 


Beth Steel 
Bnnm-gFer.cl6Z|f 

Bnmswtdc Co-orJ-I 

CP^.Sk-HH 
Cate^lUaiCH , 
iCteseMTtwjSIi 
ChesebrwdiSl— I 
Chrysler 565*1 


Chrysler 5W 
ClUcornSA- 
Ctty In*. ©.25 „ 
DaCm.Prf.BSl. 
Cotete-P.51 — 
Colt Inch. SI— — 
Cons. Foods SI 1 )- 
Cont. UI(notsS5— 

g=L%iiu 

DanaCotp.Sl 


Eaton C^. 5050- 


Esmarfcl 

Exxon fl 

Fin. Corp. America - 

First Chicago S5- 1 


800p 

11151 


1 Fluor Co*T. ^ — 


St 


670p 

11051 

lu%l 

634 


255 


-5 


•a* 


Ford Motor L — 
CATXSS,-^- 
Gen. Elect $Z>2-. 

Gillette SI 

GutfaUfl - 

Honeywell SL50. 
HotST(E.F.)n. 
I.B.M.Corp.S125. 
ingereoH-R S2 — 

1. 11. IntemattonjIB. 
InLTH.&Tel.Sl 
KahcrAI.$i|.~ 

Lone Star I nds™ . 
LmatwUfldlQa5- 
Lowes USS050-I 
IM.HX.0SS7JO 


73 *-5 

3^2 A 

17 +k 


Merrill Lynch $1- 
Morgai(JP)USS23 


R9PHVI u svh I 

toWSbnlPtSl-l 1 
Quaker Oats USS5 -I 
Reo. N.Y. Coip.555 
Bexnord S5 — P 
Rockwell Inti. 51. 1 


|Saui.(B.^Sl. 


Shell 0US1 

— TRW InoT" 1 


135 ttemwco 


Da 30%LtSfc.9MB 

TnwoPLUSSmk- 
Texaco S6.25 — 
Time Inc. Sl-~.~ 
riaRsamerica 51 ■ 
Union Carbide SI 
UVL Tech. SUS5. 
UJ. Steel SI;.— 
825p WoolworthsSgj. 
68811 ZapauCofp.25c. 


SLOO - 



BEERS, WINES AND SPIRITS 


AH led- Lyons— 
Anal. DU.Pr.10p. 

BeAownBrtwy 


[BellArthjr^ 


MfltfcCn. . 
Boddhntons — 
Bonier Brew'S.. 


BubnerfH.P-)--j 
Burtunwuod — 
CtarkCMflttbewl. 
Dist (Hers 50o — I 
Gordon (LllOpJ 
GreenallWMIeyJ 
Greene King — 
GuMress 
H(^*d Dht.20p. 
Inveraonfon — 
Irish fibtlBers.: 
Macaflafl.GFsfl.1 
Ifcntm Ttowpion— 
Moriand 1 


1160 S Ruddle (G.) lOp 


| Scott A New 20p 


Do. Noa V.50a 


l-iy 53 
1 ™ 9275 


-1 79.46 


1+2 


-2 


.48 33^83 
19.9 F5fl - 
3.1 29 

2(1 ?.n -- 

28 4.3] 118 
21 6.a 92 
3.7 33111 
6 1 ]L9jll.5 

29 7J| 6.6 

2J 83l 58 


13 ST 


3.2 4.110.0 
3.0 2816.0 
21 7.7 17 
23 3.7 

3.0 33 

3.7 48 72 
23 20(2*5) 
32 3.1148 
25 2917.7 
28 25 225 
15 16)103 


25 6.1 75 
24 5.4 92 
32 32145 
3J 23 WD 
M 


BUILDING INDUSTRY, 
TIMBER AND ROADS 




743p 


CANADIANS 

• *81" 


I Bk. Montreal S2~ 
Bk. Now Scot J. 
Bed Canada S8>j. 
BowVaHeyU 

BrascanJI 


Can. ImaEk- 52- 

Can. Pacific S5__ 
Do.4pgDeb.tl0O 
Can. P. Ent4l— 

Guff Can. H 

Hanker Sid. CanJ-j 
HollhtgtrSS— 
Hudson's Bay R- 
Imperial Oil B — 
'Incoll — 

InL Nat Gas SI. 
Massey Fer»lt- 

^u^STcanTn 

Seagram Co. CS1 
Tor. Dorn. Bk. SI. 
Tram Can. Pipe- 


XX 

§4 


1-10 


SL96 

1 5184 1 

ha 


+25 


BANKS AND HIRE PURCHASE 


198* 




■ 


275 |2M 


3k 


IANZJA1— -.1185 


AlexanlersD. EU 265 


282 

SfcH |3goMneFU0O 

100 

Wl 


75 

105 


Allied Irish 

Ante*rr(HJ5p. 
Bk. Ireland £1.. I 
Bk. Leumi SOJJ 


+3 


1+5 





INowread 
the FT at 
yourleisiire 


^djn^havetowonyaboutwhatisfepperiingiriihewDdd 

■srfien you are on holiday as fheHriandairmKsisoji 


.aigiu -o 

Press is on safe or ask at .fee local Mosfc^ When 
in France, watch out for the Mr Ptasf 


order the FI 

HNANCIALTIMK 

EJROPES BUSWESS NEWSf^PER 



Aberdeen Carat. - 
AbcrthswCem. 

AWcdPtaRtlOp. 

Allied Res 10p- 
AnicflffelOp— , 

BPBInds. 500- 

ridge Bm-J 

/Ben UP. 

Barrett De*.l* 
BeedMioodUp 
Bellway 

Bentard M.lOp 

BcttBras.Up-, 

Breedon Ume - 

ErirthgBilkdkfUh 

Brit Dredging-. 

Brown Jlon. 20f 
Brownlee — 
Brvant Hldgs. _ 

Bureett&Haltaei 

1 

Cement RokMok 
C ombenGp. 10p- 

Comterlnt 

Costaln Greup- 

Da Defd 

Counbyslde-— 
Craudi(D-)20p 
Crouch" 


... 7.17 
...115 . 
hOOT 


+3 


a 


32 



FT 


1-3 





-i 


te 5 




Wit* 


Douglas Robt .... 
fDunton Gip> 5p 
Ertth— 

FriretaudiCom. 

Feb. IrmlOp— 


1+7 


FWanUoW . 
Frauds Pkr.lOp. 

French KSer. 


” 7J ui 

17 7.1115 
, 32 42102 
32 32 345 
32 4.1 U2 




I GfcbsO’dyA: 
OetHUllUJ] 
Gbssm_JM 
HAT.Gm.10p 
Hellcxl Bar — -j 

HefldwsonjjP.y. 

Hewden St Vfr 

HeywoudWms. 

Higgs & HIM 
Howard Shut 10p 
[.D.C.20U— 1 

Rausck Johnson 


l-k 


18 58 . — 
| 32 52 75 
32 58 78 
21118 -48 
25 3 J (HO 
1510.7 82 
23 45132 


Mf 78j 5.9 




JarwtsfJjJBi 

SS&3- 1 

UMsKBPalta- 
jonesEM.% 
Lafaro e Can. F100 

LamgOHr 


1-2 


| 02115 

1 i 1 h 

20 68 75 
24 43135 


Lawrence (V...., 
Leech (VltaJZOp 
LeriandPamt-l 
LlUey FJ.C __ 
London Brick--. 

MSfiOc 

Magnet & SOn. J 


FT 


+2 


MarcfmlML... 
Marstialh(Hfx) 
May & Hassell.. 
Meyer Int-— . 

MH&(Stan)Up 

Misaawsarste-r - I 




ilS^J 

, Nott- Brick 5Cp | 
Phoenix Timber! 

mtem 


I Rahie lnds.lQp 

# Ramus 
RedlandSI 
(MMtEWtm). 
Roberts AtBard. I 

Rohan Grp. 20)- . 
RowHnsonUp. 

Rubenrid ! 

RmbyP.Cenent 

Sheffield Bride- 


|Smart(J.)10p. 
terslOp— 


5UWtereL,^ 

Tarmac 50p — 


mv upeia wrwrm™ 

.20 r>«diMA9l4. 

Turriff. 

44k UBM Groua-.- . 
34 ItiSramCtoJOd 
23 Vedb Stone lOpj 



» pi 

.34 .1+1 


S 0 


-2 


+1 


1-1 


42^ 


CHEMICALS, PLASTICS 



[Aksn^O. 


AmerdumlMH 
Anchor Chem. J 
Arrow Chemicals. 
4 BASF AG DM50 J 
Beyer AG.DM5ffl 
Bbgtfen rods. 
Brent CbemslOp 
BrtLBeonilOp. 

I Brtt.TarM.IM 


£87kkaaB.8KCrJ 


l,J5%C»82f95. 
Coalite Grovp.M 


+«• 


45! 52) 10 




485 


32J 4.7 7„ . 

„ _ . — 20D 129 

kl4%( Ifl 82 125 1 1« 




23 


-1 


IS W 102 303 
Ui 27 222 38 


8#iKjyf88l -. 1121 


48 


CHEMICALS, PLASTICS— Cont 

Prfct M « 


ELECTRICALS— Continued. 


Sadr 


Coates Bras. — 
Db.-A’NV..„ 
Cory (HoreeelSp 
CrodalntlOp- 
Croda let Den. 
Dua^SWdSp-. 
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Watt Close - East Portway - Andover 
Hampshire SP10 3SD - Tel: 02646431 1 



U.S. may act on gas pipe 


THE LEX COLUMN 


BY REGINALD OAU, US. EDITOR IN WASHINGTON 

THE REAGAN Administration company’s attempt to prevent again yesterday, acror^ng to jf J® *. SSwSy^at the* cS&fauk 

met yesterday to decide the the art mini strati on from acting union leaders at the Dresser state-controlled Alsthom rj«»Au, where 


met yesterday to decide the the adiiimstration from acting union leaders at tne uressCT cwranroura outside Glasgow where 

«rt more in Its confrontation ngiinait. Plant near Le Ham. The wwfc tiqne whose turbine MtfnftB ®“ b S" 

M®Favae- .uiBffi g-rrSrl "S5S2S3 s 


line are under construction. 
Earlier this month, the UK, 


urgent talks in Washington as MaJcoimn Bawnge tne Lom- 'rrrrr „ *i v ear 
the French subsidiary of the merce Secretary and Mr e ™ “ “JiJ h ‘state shiooins 
Dallas-based Dresser Industries Richard McNamar the deputy General? Mari? 

announced it would obey French secretary of the treasury also 1 ° e ? vesse? toe 

Government instructions to load attended. The group was SJJ®™,.?]? TO i. dn/to Tail for 
compressors for th, pipe ^crcd to repon dirceflj to. 


for turbines are scheduled to 
begin in October. 1983. 

Alsthom is in a particularly 


embargo. the first half-year to June, -down ui C c CTI fl tribute* to a Tower: m4nc»iUes 

oXf part £L2m ™ tie same period ^ ^ex fe “ 5,5 t0 57LW cianse. . .So tbc. iBcrMM- m 

ix of the 21 gas curomes, pan e «* ^ : - - ■ -Attrihutnfile 4>armnvv:tias_*>fl<nlv 


Lasmo's £22m net profits for 


buffi wo' brokerage, . ha»veM>. 


toree compressors for the pipe- expecrea to report mrecuy to- B rr tomorrow with delicate Dosition because of the six of the 21 gas turomes, part i “ ‘ 

SJS h J. 1 53S£ 5 Mr Rennet his nrmh in ou. "ft 2 elJ^JMehOThetjni « I » £?££?£« 


. Le Havre today— in defiance of fornla. 

^ tl r_. JJ - Americai1 directive *nie' administration has con- 
forbia&rag any type of U.S. side red for sometime - various 
involvement in the project. combinations of diplomatic and 


three of the compressors, eacn 
weighing 60 tonnes. 
Dresser-France said it .had 


terms of a 1976 agreement terest The summer spending 

signed with General Electric, shipment this month. But it ^ ac]dec { substa^d^ 

which U.S. officials claim make needs the ^ to its North Sea oil interests 


s .d aKasa raisressst” s ssaKJS 

SSKeSfJK W union. _ ^ SiJfe 


The parent company asked legal possibilities for enforcing JkS decree. 


at -ss-ar*— — 


the U.S. District Court in Wash- Jts sanctions outside U.S. terri- ^ French Government has funken has declared its inten- Ttoee o^r ra^aiues pany now pIenty t0 chew oa 
ington to decide whether its tory. imDticjtiy threateiied to invoke tion to fulfil Its contracts with affected by the UK ordw are Kr toeyin 

subsidiary should obey the The sanctions are intended to the P same powers to force other the &viet Union to begin supply j^ncan Air E^tere - jn the North Sea, digestion 

French order or abide by the apply to U.S.-based companies companies with U.S. licensing or of 47 gas turbines. b rnwT is going to be eased by the 

extended ruling impored in *nd their subsidiaries and ownership links to carry out Two turbine deliveries were heaW tax allowances against 

June by President Ronald licensees abroad. European their contacts. understood to be imminent and with an order for worth ^peaSe In the 

Reagan. Dresser also asked for governments have been en- The companies are Rockwell- may have begun already. A of turbine mr filters, Smtih recen tj y ^ ctra j re ^ Beatrice field- 
an injunction against the U.S. raged by the attempt to assert Valves controlled by the U.S. further 12, all using GE tech- International (North Sea) of comnanv has tunsbectivelv 
government should it try to American jurisdiction over Rockwell group and is involved nology, are to be delivered by S Itroud .^“cesterahrre, wtoA saved iJ^^ratidn 

penalise tbe company for its other independent sovereign as a subcontractor; Creusot- the end of the year. is supplying £l*.4m <rf well tar thp ■mnnthx.alnne 

action. states. Loire tile French private engi- The French move was under- head equipment, and Baker Oil S' 

Thp .TiirHaa TtenarFmATtf csirt Onr FnrAlen Staff arida: Work nAPrin? concern. Which has a Stood tO have been diSCUSSfd by TOOlS fUK) Of AberdeP which 


Loire, die French private engi- 


The Justice Department said Onr Foreign Staff adds: Work neering concern, wftich has a stood to have been discussed by lotus ruro or Aoeroe 

it would oppose strongly the on compressor units started licence agreement with Cooper the board of John Brown has a contract for £i4m 


I EXC8 1 

SHARE WUCE 
1982“ 


IBH Holding pulls out of August car sales 
Harvester machinery talks ,ikely t0 top 

BY RICHARD LAMBERT IN NEW YORK 250,000 record 


Petroleum Revenue Tax will be ' .1 C J j j | SHA/tEfWCE ) ] I 
mounting, at least corporation- I-, vast 1982 . I 

tax worries go into tbe pending - , 
tray for this year and next ^ L 

Lasmo's move into produc- index gained 0.2 to 91R. With 


■ attributable «araings tua-easily 
matched the 5a per oebt rise 
, in average share capitaL 

The second -half will produce 
a much ' higher ■. .contribution 
" from the Unftel ^sneiate. as , 
the costs of exjfemting -the j 
money broking - operation In J 
New York -ruff 1 oil .and. the 
. impact of lower. doSar interest * 
rates is reflected:, in. financing . 
charges. Tetoi^e.tirders.are 
still rmnriag ahead irf fo e avail- 
able - supply. and- HuCO is 
apparently trading at a hetfthy 
profit So far* Exeo lias lived 
up-’ to the heady- reputation 
established : during- last year's 
offer for sale .pandemonium. 
But with the; shares trading on 
over 16 times last year's earn- 
ings at 219p, it cannot afford 
to put a foot wrong. 


IBH HOLDING, the fast-expand- companies since IBH was mag from Massey Ferguson of . u _ OIKtn ru«: stramt on future freedom oi 

ing West German construction founded in 1975. It is now the Canada. BT J OHN ' 5RI 1TM ' action will <mme on cash flow, 

equipment group, has ended dis- third largest construction eqoip- with the exception of Massey AUGUST CAR sales are BL's total share so far in ]} r ° i lcl1 ® x ^ ded . ca P it ® 1 espen 

cussioris on the acquisition of meat group in the world after Ferguson, all these companies exDected today to set a record August stands at 16R per cent, £iture ?y f 35m in the first half, 

t , it •_ . ill Ik. TT .ip . ^ _ y . . . . . hut which unll nnur ho ohcnrhoH 


International Harvester's con- Caterpillar of the U.S. • and have also taken significant by passing the 250.000 mark, 


structi on machinery business. Komatsu of Japan. equity stakes in IBH, which with nearl: 

Until yesterday’s announce- A takeover would have given expects to have sales this year stiu t0 g0 . 
meat, it had been thought that mH ^cess to Harvester’s world- of around DM 2.7bn, ite 

a deal would be signed in wide dealer network and would In a separate announcement, B r to halt 
this morning. have i QC i u ded Harvester’s con- Harvester said it bad agreed to ^ j 

Herr Horst-Dreter Escn, IBH s g true tion equipment interests in sell its 30 per cent interest in ne vt mom 

chairman, said in the U.S. yes- west Germany as well os plants Steiger Tractor to Deutz Corp„ 

tArrlav-- “ Th# rnnvsnahAni; uip - r ,u. tt d THnnlma,. tuieio 


“““ - P uy UUHUK lac AJU.VUU Jlkun, uul Ult ocuu ^ ■ , . 

equity stakes in IBH, which with nearly a week of trading that it expected to reach 18 per 


| tion assets means that net debt ' sterling interest rates -now' . - 

by the year end will be more above 5 those, of the dollar, little BfififS 

than £100m higher and 'will, seems to stand in the way of 

probably have doubled as a * further' fall in short-term De Beers must be running 
rVf| proportion of net assets in the «*»■ A renewed downward out of friends in the City. Its 

UKJ current cost balance sheet, move could not take place too budget day decision to halve* 

•*’ However, gearing is by no fast for tiie gilt-edged market, the 1981 dividend caught the 

means excessive, and the £80m where the valuation of short- market completely unawares . 

now being raised against dated stock seems to pre- and yesterday it repeated the 

Cl Beatrice will be effectively off suppose a brisk march in base performance with the interim. \ 

** balance sheet. The real con- to single figures. The share price, which has re- 

straint on future freedom of Meanwhile, the authorities’ ®«ntly been drawing support 
action will come on cash flow, policy of long bond starvation “ om mildly encouraging 
BL's total share so far in which exceeded capital expen- drew a response yesterday, but diamond sales figures, feu zsp 

August stands at 16B per cent, ditiire by £35m in the first half, from a rather unexpected to.230p. 

but the company said yesterday but which will now be absorbed - quarter. The French state body The reported figures them- 


The reported figures them- 


Electricite de France jumped selves provided little justifies- 


rpects to have sales this year st i U t0 g0 cent by the end of the month. Pr °f S ® 7 be . du ^ to the in with the. first Bulldog bond tion for such dramatic action, 

around DM 2.7bn, T „ “ nf fhB hv xl mSnuto* lareet short- second ****' as " the beneficial with a sub-13 per cent redemp- Pre-tax profits for the six 

Tn a seoarate announcement D r ta . ^ ,t 1 * of ^ , by , L.SSSftnrfpm mnra frnm Ior *fi- te rm contracts for Ninian tion yield, to the year 2008. To months to June are down only 

SUstl? S3 it ^ES ! to BL to ° ut P ut °f tbe Metro fcU appears to ^em more from oU ^ off> but Qext year ^ ^ ^ eQt that anthorit ies 4.9 per cent to R376J5m and a 

11 its 30 oer cent interest to 311(1 511111 f ? r ^ f 51 ” we , eks sMw o^^ook begins to brighten. Tbe bad been wanning up the seat maintained interim coaid have 

eie£ TrJSm to 5)S£ Cor^ next ® onth ' mal manuf u ac ' “ Sch ir h.c S shares rose 3p yesterday to for corporate bonds? this may been paid out of . investment 

turers discount suggestions that on which it has to rely until its 343 d. which represents a dis- be straining ‘ the entente income alone. Unfortunately. 


strurbon equipment division worth S01 ^ DM 500m West Germany. The value was sra “ 1 La [, 1 

were terminated today because (fng.68m) and would have in- undisclosed, but was thought tf attr 

we couldn’t find agreement on volvt!d Harvester taking an be less than $10m. mainly to a 

some major points, including equitv , stake of oearly 13 per Harvester said tbe sale was in toe volui 
pension liabilities and some cent in IBH. another move to dispose of expected it 

oilier commercial terms.” _ t under-utilised assets and con- to improvei 

Harvester said it was making ^be U.S. group s construction centrate on core businesses. The very proce< 

progress in talks with other fa^pment division had sales group acquired its interest to than expec 

potential buyers of its construe- las ^ yea £ °* ,^ 43m Steiger in 1974 under a deal Longbridge, 


in line with the herd. 


terday: » The conversations we /n cbioaeo and Canada. The the U.S. subsidiary of Klockner- Lure . re T . Z Til new IM ran^e sorts to rodmt BMPt wtucl1 ^Presents a dis- be straining tbe entente income alone, unfortunately, 

have had regarding the con- deal was^thoueht re ha™ been Humboldt Deutz of Cologne, a sI ,“ njp 18 developing in the new lm range start, to appear c 0unt t0 net assets very much cordiale a little: on the other the. reported figures are trans- 

struction equipment division M son ^ 1 l DM 500m west Germany. The value was sm3 ^ ca J' . . . Sales of BL’s Ital, for exam- m ^ wth the berd ‘ b" 1 ^. at J*®* 1 toe BuUdogs are formed by a fortuitous change 

were terminated today because <£iis figm) and would have in- undisclosed, but was thought tt attributed its decision . runnimr at little more pointing the way. ■. in De Beers accounting policies. 

we couldn't find agreement on JgSd toSi UWns an be iStlhii SlOm. ^ matoly to a reduction of 25,000 ^T-thESn 7tta 1981 SIS Markets « , The share of retained earnings 

some major points, including n r is n-r Harvester said the sale was m the volume of small car sales CIf ^: ocr iho a . ExCO m associate companies suddenly 


small car market. 

BL attributed its decision 


idisclosed, but was thought Jnknm P^- are running at little more ^ 

i less than SlOm. mainly to a reduction of -5,000 JJ ian a ^ 19gl ]eve | Markets 

Harvester said tbe sale was fl !?!?HS. r SS while cars such as the Allegro, , 


hand, at least the BuUdogs are formed by a fortuitous change 
pointing tbe way. in De Beers accounting policies. 

The share : of retained earnings 


ntinIBH. another move to dispose of expected in the UK this year. Triumph and TR7 and Maxi are : After a day or so of heady 

under-utilised assets and con- to improved stocking and deli- Hicarinearm? from the market ^ ,ee< ^ om tost week, the UK 

The U.S. ^oups constinction centrate on core businesses. The very procedures, and to better ffffSSrtoe oftShr “• now back 

impment .division had_ sales ^up acquired its interest to than expected productivity at production. L n mojtherly arms of the. 


pitrft • in associate companies suddenly 

t, ' . . , . . emerges above the line. On the 

fcxco is taking no changes basis bf previous accounting 
with its maidm interim slate- praC tice. profits hare halved. 


The increase to its 
holding and ' the 


But it is the interest payable 


,oum - Earlier this year, the terms rentage points in 

IBM’s last acquisition was the were changed to allow Steiger share of small cars. 


tion equipment interests. The a“d produced an operating loss proV iding for Steiger to make But even a 25,000 cut in fa u en 2 per rent of the edged T* 

sale of these loss-making activi- c ° mp , a i'|J Wlth f los ® large four-wheel drive tractors volume represents only a small market last year to about 1.4 sllg b t . app I e b ( 

ties forms an important part of £L? 119m m 1880 0X1 sales o£ for International Harvester. downward shift of about 1.7 per per cent no J. However, the JJe firmer mterertra 

the group's attempt to restruc- »' 60m - Earlier this year, the terms rentage points to the market is regarded as having a C i 

ture itself and avoid financial IBI^s last acquisition was the were changed to allow Steiger share of small cars. particular niche in tbe market ■ 33 , uiea ° y t ? e , 

collapse. construction equipment division direct access to Harvester's Ford said yesterday that the ^th a longstanding, if erratic, “f , ,, s0 “ e , 

It is possible, however, that of Babcock International of the North America^ dealer network, share of the market taken by following and as being unreore- o 3te , ®r put . J 

IBH could resume tall* at a UK In earlier deals, it has This marketing arrangement small cars so far this year stood S entative of trends in the small !,*? „ week * “f “ 

later stage. Herr Esch is known taken over Terex from General will not be affected by the at 22.5 per cent, a fall of only ca r market 3 * J ** 0111 * 

as a very tough negotiator, ha v- ■ Motors, Hyroac from Powell disposal of Steiger shares. about half a percentage point Ford's share so far this rates 

ing taken over a string of ailing Duffryn of the UK, and Hano- Deere earnings plunge. Page 19 on igsi. Ford excludes very month, is running at 3013 per b “ji u ? c . urr f 


fnr. Mi n i Bank of England. The gilt- notomg and tne £gure 0 f R4S.fim. higher titan 

Sf- Sf edged market — which had fWgMon of a ■ maJorify stoke fo s r ^ whoIe of ]981 . whioh 


Mini is regarded as having a 

XOX3. S last acqiuxiuvu was me were uuaiigcu iu tuivw olu 6 w snare vi suinu vara. particular niche in the market ■ ^l u cu ay loe DBIUS nano- . rfiluKnn ic alrpnrfv chnurinv “““““ ’ wvv ‘“ . V“*“_ 

construction equipment division direct access to Harvesters Ford said yesterday that the a longstanding, if erratic, “f 50r ° e toe interest {h - f thetau® of new mos . t are probably financed at 
of Babcock International of the North American dealer network, share of the market taken by foUovring and as being unrenre- ^ ale P ut aside for a rainy ^aJw But^ reai earaiiS E uxu U vc R “ d ‘“terest rates. 

UK in earlier deals, it has This marketing arrangement small cars so far this year stood rentotive of tiends ia V»m£ fay week, m the shape of ** “* De * slowly bringing 

taken over Terex from General wUl not be affected by the at 22.5 per cent, a fall of only car market 3 * u P ! J ? C mt 4 ta lts mone y untti the sereSd half “ gn are ^f. ? f market into 

Motors, Hyroac from Powell disposal of Steiger shares. a h 0 ut half a percentage point pv»nr« «share so far this doling rates. _ me se . . „ _ . • equilibrium, but the process is 


SS®S,i2 'SSSL®??* 1 ? around $300 m this year and 


until the second half. 


De Beers 

halves 

interim 


By Kenneth Marston, 
Mining Editor 


TUC to co-operate 
on voluntary training 

BY ALAN PIKE, INDUSTRIAL CORRESPONDENT 


on 1981 Fold excludes very month la runnlne at 30° ner A f 316m July current account Exco can admittedly afford to slow and, in the meantime, 
small cars such afthe Citroen Snt VaL?al?i 10 1 n« reS Reeled the strong be conservative. Even as re- mining costs are rising at an 

2CV and Fiat 126 from its 4 ? ^ /-ill? im growth In North Sea oil volume, ported, profits in the six months annual rate of about 15 per 

ficur es D but tiiese account for r^' and ^ in vart toe continuing to June have risen 29 per cent rent. So the group is anxious 

oKhoulS cem 5 Se ^ rShSS effect o£ ^ ^newed-modest to £6.4m pretax. The money to conserve cash and. after the 

SLT Ut 1 ^ 1 „.^S’^ Sed . —destocking by industry. The broking business is showing the recent shocks, the stock market 


AVI IllflTQ 1*V rrainifl O' torget of 20 to 21 per cent, but a private buyers' market. 

VrU T i/lUlXliil 7 LX 11 If BllBfc^ there is no evidence that the Most manufacturers, in an 

•' Metro is suffering a fall-off in attempt to increase unit sales to 

BY ALAN PIKE, INDUSTRIAL CORRESPONDENT sales. It is taking about 7* per offset the narrow margins 

rent of all sales compared with brought about by this year's 

THE TUC is about to reverse tant general secretary, told the SB per rent for the Ford Fiesta, heavy discounting, are contanu- 

i ts policy of refusing to co- conference that general council but remains marginally ahead ing incentive campaigns until 


markeL T™*** 0 * by industry. The broking business is showtog the recent shocks, the stock market 

SD far this month is well fi S u r? s ^ n ° hann at a11 M fastest growth in the Far East may have its doubts about ihe 

mi ^ re ? ecb , r J g sterling, which put on 2.1 cents centres, leaving a lower tax 82 per cent . vield which a 

J!!L 0 L 1 ?n l *! , S 1 toe fact that August is primarily against a generally weakened rate, and the dull performance maintained final dividend 


dollar, while the trade-weighted erf the 55 per cent owned would Imply. 


Mining Editor Operate with voluntary training members did not depart from for the year as a whole. 

ivni rtAnnv oPPFNHFmFR'q arrangements set up by industry, j heir view that voluntary train- 

c?.thAM~L after the Government abolished ing arrangements were second , . _ 

SEO^i 16 statutory training boards. best to statutory ones. Continued from Pa; 

D e Been; Consolidated Mines, is “But they recognise the 


cutting its 1982 interim divi- Representatives of affiliated CTa ve d angera of an institutional 
dend^, half to 12 J cents (Up), unions said at a consititative Swim Sd tha? untor? mSS 

This follows the reduction in conference in London yesterday toe interest 

,v. £-.1 j : : j . i r iadi tVnv tViev (aumiTAil rimnnlnp !hp seeK to represent tne interests 


Continued from Page 1 

Jobless 


the end of this month. 


Weather 


UK TODAY 


S: iSsf 1 c.l i sm-SS-3&= S5KSS -Ba-'SKi'j ana to hea^. 

ga-ariraffs as-,5 Tsr e :;& ssl n E «. c.™ . 

F t^fr^mrinn vPstArriav thp councuf ' toen considered the issue and more than in the same period England, Midlands, S, E Srot- 

reported back that the TUC last year. This could indicate land . 


t rnunril u ‘™ LW1U ‘ U ' ;J «u« more uiaa in cue same pernra 

In London jesterday, the first council. reported back that tbe TUC last year. This could indicate 

9 * 25 ® T^+»r The T P C be p r apara J t0 should reverse its guidance to the start of a sharply worsening 
price from to «<;Pj Later co-operate only with those unions. trend in graduate unemploy- 

the price reUied l in btisk trad- voluntary arrangements which Mrs Marie Patterson, a. ment at a time when industry's 


Sonny intervals, showers 
developing Windy. Max l&C 
(61F). 

SW, N England, Wales, SW 


roe pnee reuua in wtisk iraa- voluntary arrangements wtuen Mrs Marie Patterson, a. ment at a time when industry's (61F). 

j 0Se loss believes hold out the hope national secretary of the Trans- optimism is at a low level. SW, N Engird. Wales, SW 

on the day of lep, with buyers 0 f providing worthwhile train- port and General Workers’ However officials believe that ScotJand, Isle of Man. N Ireland 
hoping that the worst of the ing— such as in the shipbuild- Union, who chaired the working figures' might only reflect a Blustery showers. Strong 

Jlf' ^hp fr ^v De BeerS lS D0W ° Ut traB I p °I t - party ’ said: 017611 toe present patteraoT regi/trationby wind? Max 16C (61F). 

_ rnBt . . ... industries— and which aUow for circumstances unions really graduates comingon to the Rest of Scotland, Orkney. 

un.cn repre'.n- tte agg-. „ 


year fell by R92.9m (£46.5m) 


members’ interests to training.” numbers registering later in the 


- , , The TUC furiously opposed This would mean some- involve- year could be corresDondinelv 

to R 10S.5m. T he fall was largely the Government’s decision to ment in voluntary schemes. fewer 

recouped from other sources as scrap all but seven of the statu- The conference demonstrated m. * ^ s„ 

a result of accounting changes tory training boards. It told considerable support for the *h 

arising from the merger of the unions to boycott alternative reform of industrial training .to® to r ?.?JS? t 4 “ t4 h to Au^ist was 

groups industrial inter«ts. arrangements which employers and the introduction next year f 


Rain, gale force winds. Max 
14C (57F). 

OaUooft: little change. 

-WORLDWIDE 


^f ra ^L?« t R2S^ S after tb tar fiJ SF bav e°^ een preparing in of_ the Youth" MnggSdierae. mwtiS’birt ^iaccio 

half were R239m after tax of months. This win provide school-leavers . A, * * Aiders 


R37.8m against a comparable 
R254m after tax of R81m. 


Mr Norman Tebbit, Employ- with a year of combined train- 
meat Secretary, will welcome hkg, work experience and 


wirtr emeriPTHK n-nri *Ibe average- number 


Demand for smaller and th e Trie’s change of position as further education. 


rdmy Yday 

S e midday midday 

ee 'C 'f - *c B F 

es Ajaccio C 75 77 L Ang.t C IS 66 

Algiars F 28 82 Laxmbg. C 17 63 

Amsdm. F 18 ‘ 84 Ejjxqp S 40 IM 

Of Athnns F 27 81 Madrid S 26 79 


vacancies notified this dimmer | fl 9 r h c ™ ! a n f g £ 5jS? f »■ Sf 


cheaper gems is running well, a move Bivins the Government’s There are divisions between wes little more than at the turn Beirut — — Marta s 29 84 

but there is still no pick-up in reform <rf training broader union leaders— as among em- toe year and slightly lower Belfast w g JJ JjgJ* R ™ ® 

the market for the larger and acceptability in industiy. Union ployers— over wbeffier a year toan the level m tbe spnng. " n*L n ci " 

high-quality diamonds wns.cu involvement will help to make spent on the scheme should In addition to those registered Biarritz F 21 70 Miamit F 28 82 

earn the big profits. tji B change to a voluntary count as part of the apprentice- as unemployed. 561,000 young Bmghm r m n M»im f ^ I? 


piling high value diamonds. At 
the end of 1981 the value of 
these unsold stocks was about 
£700m and the group expects 


Prestel C.ontizmed from Page 1 


schemes in July. It Is estimated Brwoi c is ea | Narrow s 21 70 

that the effect is to reduce the f If S® JJ”'"* p ® ™ 

era j , toir the unem- c&m s 33 91 Mwr«i. c 13 55 

ployed by about SOS, 000. CardW c 18 64N Yorfct f 20 es ; 

toe stocj. to grow by a further wouJd ^ connected by tele- been Barclays. It denied yes- . Although unemployment has g'J*} | g 2 !Ji“ te s » S 
£1 ? 1 Vv ls ye S , * ir phone line to a central com- terday it was involved in the ri ? n g tiiroughout the chicg.t c is ei apono s ao be 

Bar* borrowing taemnes are ^ wouJfl carr ^ mt propose venture. developed world, the UK has a Cologne c us ei Oslo c 15 ei 

Oft’ S? a to tostructions from subscribers ^Several other steps are being higher proportion <rf the work- f 51 S SSl c % £ 

and provide them with infer- planned to expand Prestel and tece on the dole ffian most Da nv ,rt c is ei Prague f 20 m 

finance the stockpile are « ma y on about their bank Increase its appeal to residential Other developed countries- dwmir a tj on#*. 2 J « 

low compared with toe account& subscribers. These include: On national definitions the P d h Xj- f 2 «oj5i $ — — 

groups total assets of about ___ m a scheme hv t im BirminB- UK’s 12^ per cent in Jnlv com- S™* h ‘ i £ ^SL°J of 



grmps total assem 01 aoou, of titis kind are # A scheme by toe Birmin^ UK’s 1^3 per cent in JtOy com- ST" f 2 I » 

^ fh«- onersttoP on a trial basis in ham Post and .Mail to install pared with Belgium 17.2 per Fiorano c a 73 saizb’ra s 21 to 

The cost of financing toe operating on a .vox vans in Prestel sets in homes in cent West Germany 7^ per *»"«'* c is 59 s'ciaeot C 14 57 

stockpile however, remains a several countries, notably tbe * “*■ “?™ es “ rrf t . p^Lin FunchBi c 32 T 2 s. M'ria 

tSrrtnSlv as the VS. and West Germany, but the West Midlands and to oper- cent, Franre 10B per cent; c 21 to sm gaP r. F 29 84 

burden, particujariy as the Aperatinn as a toll ate Iocal information services Japan 2.4 per cent and 9-8 per Gibritr. c 23 ts stfegot — — 

iST* “ ritet remaU,S Sln *- c“rtSl SSS Se a sc“ and . ho me popping system. . _ _ . J-v » » g £££ * g « 


De Beers’ policy of holding envisaged by Prestet 


and a home shopping system. cent -in toe U.S. r’mtv p 17 m iJSfe r ao S- 

•A proposal to allow- regional Mr- David Basnetf chairman {j a ™ nk y i r 15 59 IJdSy 0 : - 

franchise-holders to offer of the TUCs economic com- h. Kong s 31 as rancor c 21 to 


j* ‘WAir.con 0pnW 


production off toe market is now, The identity of the proposed different services on Prestel, mittee, said last night that the inn*br*k c 21 70 rai Aviv f .30 bb 

having the desired effect of partner, which suggested the which is operated at present as Government policies were g a » In 

reducing' the big of service, is being closely a muf on n national service. having a “Luddite'' effect on Istanbul F 2d 75jTor*niqt F 15 59 

stones at toe cutting centres. guarded. It is said to be in- ^ A pjajor overhaul of the British industry. . Jeraay c n « rum* . s 3a si 

It says that “a sound baas voived in hanking but is under- ^ become indexing system “But they are worse than F ^7 =J2J B I 5 ” 

e ^ sts te ® S2hJ? torough which subscribers Luddites. Not only are they Lisbon s 24 7sviannB c 23 73 

sales as general worldwide major British clearing banks. locate “pages" -bf information destroying mnan^in^ they are toeawo f 22 ?a Warsaw f 24 7 s 

economic conditions improve. The bank most closely associ- stored in the computer and dis- destroying the livelihoods of clUSSud^ ia'S nSin s— Sun^ 

Mining, Rage 18 ated with Prestel until now has play them on their screens. men and women." t Noon gmt umperawrva. 


oviuuuibul urn™* von I oMm c „ 57 Tokyo S 30 88 

tving a “Luddite’ effect on Istanbul f 24 ts TorVirat’ f 15 ra 

Itish industry. , Jersoy C U <3 Tuni* . S 33 9T 

■■But they ere worse then fS™. , » ^ I S ” 



ated with Prestel until now has play them on their screens. . men and women." 


t Noon GMT toRipersturoa, 


16 Suffolk Street 
London SW1Y4HQ 

01-6309731 


" Reproduction of the contents of this newspaper in any manner la not cermitnri . .. . . ^ w „ 

Registered at the Past Office. _ Printed St. Clemmw PrS. fw n ? d p uWiS 
Bracken House, Cannon Street, London EC4P, 4BY. y G H 


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